Amended social insurance law expected to solve lump-sum withdrawal problem
Social security offices across the country have recently witnessed long lines of people waiting to claim lump-sum payments.
The amended social insurance law has two options for lump-sum payment. The first option allows the employee to receive full pay-out for the entire period of participating in social insurance and then would not be entitled to monthly pension. As per the second option, the employee would receive a lump-sum payment for at most half of the period of contribution to the retirement and survivorship allowance fund. The remaining period would be reserved for calculation of social insurance benefits when the employee reaches the retirement age.
