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Deploying postal credit service

According to PVcomBank, the scale of the social security credit package deployed in 2024 is 3.1 trillion VND and can be expanded depending on the situation. The interest rate is about 8.5%/year, depending on customer group

(News Portal – Dong Nai) - In order for employees to maintain social insurance payments and continue to enjoy social security policies, Vietnam Post Corporation and the Vietnam Public Joint Stock Commercial Bank (PVcomBank) has cooperated to launch social security credit service. This service has helped employees still enjoy social security policies, without having to withdraw social insurance in one lump sum. 

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With social security credit services, many workers can borrow capital to continue participating in social insurance without having to withdraw social insurance at once to cover their living expenses.  

Diverse loan packages  

The global economic recession has directly affected business and production activities of many businesses, causing many employees to lose their jobs, reduce their jobs, and have a decline in income, leading to a situation where many people have to withdraw social insurance in one lump sum to pay for living expenses, losing the opportunity to enjoy social security policies when they finish working, creating pressure on relatives and society.

To contribute to the country's social security work, Vietnam Post has coordinated with PVcomBank to deploy credit products and services to help workers who have lost their jobs, are temporarily unemployed or have reached the end of their working age but are not eligible in order to quickly access appropriate capital, thereby reducing financial pressure and avoiding having to choose to withdraw social insurance at one time, leading to long-term consequences.

Currently, this credit service has 3 products serving the purpose of continuing to participate in social insurance, including: loans without collateral for people reaching retirement age; loans without collateral for people who are temporarily suspending social insurance payments, with a guarantor; installment loans do not require collateral for people who are close to retirement age and have nearly enough years of social insurance payment.

Giving opportunities to employees

According to information from PVcomBank, right after the social security credit service was launched, a number of employees came to find information about the service and were excited to access a very humane credit channel, suitable to the real situation.

The establishing of credit services to support employees in continuing to pay social insurance contributions with loans at preferential interest rates from Vietnam Post and PvcomBank has demonstrated a pivotal role in implementing social security policies, promptly supporting employees during difficult times, maintain a stable life when the working age ends and have conditions to effectively enjoy welfare policies.

Talking about credit service packages, Ms. Pham Thi Thu Nguyet, Deputy Director of PvcomBank Dong Nai branch, said that through these 3 products, employees can access loans to pay social insurance with a participating period for a maximum of 10 years; original grace period up to 3 years; loan period up to 84 months. It is worth mentioning that this loan service does not require conditions on minimum salary, minimum income, credit rating, loans without collateral, helping employees maintain the full number of years of social insurance payment and receive full retirement and health insurance benefits in the future.

Accordingly, employees who need to use PvcomBank's social security credit services will contact post offices and post office service points throughout the province for advice and instructions on submitting loan applications directly. For those who are old enough to retire but have not yet paid social insurance for enough years, when participating in this credit service, they can also choose to pay voluntary social insurance for the entire remaining years and enjoy pension and health insurance benefits the following month by registering to receive pension using a payment account at PvcomBank.

“With simple and quick procedures, this is a credit product that creates maximum conditions for employees to use preferential capital to continue paying voluntary social insurance until they find a new job or meet pension conditions. In addition, employees who choose the social insurance loan product will also receive health insurance from PvcomBank throughout the loan period" - Ms. Nguyet said.

Director of the Provincial Post Office Nguyen Nhu Thuan said that the Postal sector always considers that maintaining and developing the number of people participating in social insurance is one of the important political tasks, along with the social insurance sector, the Labor, Invalids and Social Affairs sector, partners and local authorities ensure social security. At the same time, it demonstrates the spirit and responsibility of "serving the community" of Vietnam Post. Hopefully, the product coordinated with PvcomBank to deploy for employees participating in social insurance through the postal network will be a necessary solution contributing to the stability of the national safety network, repelling "black credit" as well as impawning the social insurance book. 

Author: Lam Khue

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