Innovation in trade union finance, opening up more safe capital channels for workers

Immediately after the opening ceremony of the 3rd Conference of the Executive Committee of the 14th Vietnam General Confederation of Labor (VGCL) on the morning of September 29, in Bai Chay, Quang Ninh City, delegates met in groups, discussing 10 contents under the authority of the VGCL.

From practical activities at the grassroots level, delegates focused on discussing and contributing many opinions on strengthening care for workers.

Discussing the "Program for renovating trade union financial work and improving union member welfare", Mr. Nguyen Thanh Tung - Standing Vice Chairman of the Vietnam Construction Trade Union - supported the entrustment fund model as suggested by Chairman of the Vietnam General Confederation of Labor Nguyen Anh Tuan.

This is a new, very good model, which needs to be included in the "Program for renovating trade union financial work and improving union member welfare" - Mr. Tung shared.

Previously, speaking at the opening of the Conference, Member of the Party Central Committee, Vice Chairman of the Central Committee of the Vietnam Fatherland Front (VFF), President of the Vietnam General Confederation of Labor Nguyen Anh Tuan raised the issue of the need to strongly innovate trade union finance work associated with improving union member welfare.

According to Mr. Nguyen Anh Tuan, for a long time, when looking at trade union and social activities, it seems that the most noticeable are programs to care for workers on holidays and Tet. These activities are of practical significance, especially for workers in difficult circumstances.

However, the needs of workers do not only appear at a few times of the year. The lives of workers incur many regular expenses, from rent, children's education, living expenses to unexpected expenses when families encounter difficulties. When income is not enough to meet those needs, the need for loans can appear at any time.

This is also an issue that trade unions need to consider when innovating financial mechanisms and welfare policies.

One of the notable suggestions of Chairman of the Vietnam General Confederation of Labor Nguyen Anh Tuan is the study of using trade union financial resources to create an additional safe capital channel for workers.

In this direction, trade union finance can be used to build funds, then entrusted to a credit institution to operate, thereby creating conditions for workers to access capital sources.

In particular, creating a safe capital channel can be meaningful in the context that workers face financial difficulties but do not have many suitable loan options.

This also contributes to limiting the situation of black credit borrowing with high interest rates and many potential risks.

See the original here