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Friday, June 21, 2024

Regional minimum wage increase gets green light

The Saigon Times

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HCMC – The National Salary Council has given its approval to a proposal for a 6% increase in the regional minimum wage, which is set to take effect from July 2024. The proposal will be submitted to the Government for consideration and approval.

If the proposal is accepted, the regional minimum monthly salary will increase by VND220,000 to VND280,000, depending on the specific region. Similarly, the hourly minimum wage will also rise by VND16,600 to VND22,500.

Initially, during the National Salary Council’s first meeting held in August, the Vietnam General Confederation of Labor had suggested a 5% to 6% increase in the regional minimum salary for 2024 to compensate for the expected rise in living costs.

However, at the second meeting held on December 20, the Vietnam General Confederation of Labor presented two options: a 7.3% increase and a nearly 6.5% rise.

Besides, three other options proposed by a department under the National Salary Council including an increase of 4%, 5% and 6% were also discussed at the meeting.

After a comprehensive analysis of the socio-economic situation and considering the challenges faced by both employers and employees, the National Salary Council approved the 6% increase proposal with unanimous support from all members.

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