The information was released by the Department of Employment under the Ministry of Labour, Invalids and Social Affairs at a meeting reviewing 10 years of the unemployment insurance policy held in Thanh Hoa province on July 12.

Deputy Director of the department Le Quang Trung said the impact of unemployment on economic, political and social stability in each country is considerable. It is one of the basic causes of economic stagnation since a high unemployment rate is accompanied by income decrease.

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Photo: baoyenbai.com.vn

Noting the growth in the number of people covered in unemployment insurance from 2008 to 2018, he said while the figure was just about 5.99 million in 2009, it topped 10.3 million in 2015 when the Employment Law took effect, and approximated 13 million at present.

Unemployment insurance premiums collected have also increased year by year, reaching 15.53 trillion VND (668.8 million USD) in 2018. Meanwhile, the payments totalled about 9.72 trillion VND last year, 92.8 percent of which was spent on unemployment allowances and nearly 1 percent on vocational training support.

At the meeting, participants discussed measures to better carry out unemployment insurance policies and protect the interests of those losing their jobs.

Source: VNA