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Saturday, June 22, 2024

Tet bonuses in a challenging economy

By An Nhien

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How big the Tet (Lunar New Year) bonus is remains uncertain until December 25, 2023, which is the deadline for provinces and cities to submit businesses’ Tet salaries and bonuses to the Ministry of Labor, Invalids, and Social Affairs. Nevertheless, it is evident that the Tet bonus is likely to be modest in light of the challenging economic conditions this year. In recent days, several businesses have begun announcing Tet bonuses for their employees. In Dong Nai Province, nearly 40,000 workers at Changshin Vietnam in Vinh Cuu District have reason to celebrate, as the company has revealed its plans to increase Tet salaries and bonuses based on employees’ years of service. Specifically, those with over 20 years of service will receive 200% of their base salaries, while employees with less than three months to less than 20 years of service will be rewarded with bonuses ranging from 25% to 195% of their base salaries. New hires in January 2024 will receive VND500,000. Hwaseung Vina in Nhon Trach 1 Industrial Zone in Nhon Trach District has decided to reward each of its 10,000-plus workers with one month’s salary and Tet gifts. The company will disburse January 2024 salaries near Tet and […]
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