Unemployment insurance will be carried out nationwide on January 1, 2009 to help reduce economic difficulties for those who have been made redundant, according to sources from the Ministry of Labour-War Invalids-Social Affairs.

The Deputy Minister of the ministry said the ministry had finalised the project and circulated to other ministries and branches for opinions. If it were agreed by concerned bodies, it would be submitted to the Prime Minister for approval.

Under the plan, unemployment insurance is a form of social welfare given to employees and those who are dismissed for objective reasons.

Unemployment insurance helps redundant people look for other jobs or be retrained. It also helps sacked people feel stable and safe in their lives, and avoids them being economic burdens for their families.

In broader terms, unemployment insurance can prevent communities, localities and society as a whole suffer from an unemployment crisis, and reduce social expenses and opportunity costs that the State budget has to make up every year.

Source: TP

Translated by Thu Nguyen