Expense for support to settle policy of redundant employees

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On January 18, 2013, the Ministry of Finance issued the Circular No. 10/2013/TT-BTC guiding the mechanism of management and use of fund for support of arrangement of enterprises at the parent company in the economic group, State Corporation, parent company in the parent company–subsidiaries conglomerate.

Of which, one of the notable content is regulation on expense for support to settle policy of redundant employees.

Under this Circular, for the enterprises of equitization, business sale: the Fund only supports the funding to solve policy for redundant employees when the revenues are lack from equitization, sale of enterprises in accordance the law provisions and not enough to pay; For enterprises of dissolution, bankruptcy: the Fund only supports the funding when revenues from the dissolution, bankruptcy under the provisions of the law are not sufficient to address policy for redundant employees. Subjects are supported including: employees who are lost or leave their job; The titles of members of the Council of members, the company's president, General Director, Deputy General Director, Director, Deputy Director, Chief Accountant, Controller of companies due to the implementation of the arrangement, conversion. The Circular clearly stated that enterprises receiving the funds are responsible for making payment to the employees and making report of funding settlement ass prescribed. After the time limit, if the units receiving funds have not performed the fund settlement report to the Fund, they shall have to send written explanation of the reason and shall have to complete report to send to the Fund for a period of not more than 30 days from the overdue date to submit report as prescribed. After 30 days, if the enterprises do not send fund settlement report, the Fund management Agency is responsible for enforcement, recovery of the funds supported.

This Circular takes effect from March 10, 2013 and replaces the Regulation on management and use of the Fund for support of enterprise arrangement in the Groups, the State Corporations, the parent companies issued together with the Decision No. 09/2008/QD-BTC dated January 31, 2008 of the Ministry of Finance


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