Knowledge Center Professional Compliance 
Minimum wage adjustment in 2010
| Minimum wage adjustment in 2010 |
| Wednesday, 30 September 2009 11:31 |
|
September 1st 2009, the Government Office announced the conclusion statements of the Standing Deputy Prime Minister Nguyen Sinh Hung at the meeting of The State Steering Committee for research into wage policy reform.
Deputy Prime Minister asked the Ministry of Labor, War Invalids and Social Affairs to coordinate with the Ministry of Finance to submit a proposal of salary & benefit adjustments in 2010 under the roadmap and fited the State budget to the Prime Minister. Accordingly, the minimum wage increases at least 12.3%, which is from 650,000 VND to 730,000 VND. These adjustments are expected to enact from May 1st 2010 for those employees receiving the the state salary and from Jan 1st 2010 for those working for domestic enteprises. For FDI (Foreign Direct Investment) enterprises, the minimum wage adjustments are estimatedly enacted from January 1st 2010. The increase rate has not been revealled but forecast to be lower than that applied for domestic enterprise (<12.3%). Currently, minimum wage applied for FDI enterprises is 920,000 VND. According to the adjustments, the maximum of social insurance salary for Social – Health – Unemployment Insurance will respectively increase to 14.6 million VND; the company's salary fund will increase over the current amount actually while the employee‘s income decreases (in case of employee’s salary exceeding the maximum salary of SI-HI-UI by current law) |
|
Last Updated on Friday, 02 October 2009 14:54
|
Reference Source: All rights reserved