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Friday, June 14, 2024

Wage hike proposed from early July

The Saigon Times

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HCMC – The National Wage Council has submitted a proposal to the Government for raising the regional minimum wage as from July 1.

According to the proposal, the regional minimum wage would rise by 6%, or by between VND200,000 and VND280,000 per month.

In region 1, the monthly minimum wage would rise by VND280,000 to VND4.96 million. Region 2 would see an increase of VND250,000, from VND3.64 million to VND3.86 million.

Likewise, the minimum wage in region 3 would increase by VND220,000 to VND3.86 million, and region 4 would experience a VND200,000 rise to VND3.45 million.

The hourly minimum wage would also edge up by 6%, equivalent to between VND16,600 and VND23,800.

If approval is forthcoming, the new wage policy would take effect on July 1, coinciding with wage reform at State-owned enterprises. This timeline aims to provide businesses with ample preparation time for the wage hike.

Statistics indicate that the average monthly income of Vietnamese employees last year was VND7.1 million, a 6.9% increase, or VND459,000 compared to 2022.

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