Social Insurance changes exchange rate in the first six months of 2012
According to Item a, Article 7, Section D, Circular No. 03/2007/TT-BLDTBXH dated January 30, 2007 of Ministry of Labor - Invalids and Social Affairs and Document No. 519/TB-NHNN of State Bank of Vietnam dated December 30, 2011 on the inter-bank average foreign exchange rate of VND versus USD in January 03, 2012, the foreign exchange rate for salary conversion from USD into VND in the first half of 2012 is 20,828 VND/USD (the rate applied for the 2nd half of 2011 was 20,618 VND/USD). This rate will be applied to calculate the payment of salary, wage, social insurance, health insurance, and unemployment insurance for labor contracts signed in the foreign currency.
Thus, from January 01st, 2012, there are two important changes in compulsory insurances regulation that employees and employers should pay attention:
- The increasing of Social insurance contribution rate:
+ For employer: from 16% to 17%
+ For employee: from 6% to 7% |
- The exchange rate USD/VND for the first six months in 2012 is 20.828 VND/USD
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