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Saturday, December 4, 2021

Wage policy reform postponed

The Saigon Times

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HCMC – The National Assembly (NA) today, November 13, decided to delay the reform of wage policy and prioritize the adjustment of pensions for those retiring before 1995.

The NA’s Standing Committee asked the Government to prepare resources, formulate a plan to reform wage policy and submit it to the NA so that the wage policy would be reformed at an appropriate time.

Head of the NA’s Finance-Budget Committee Nguyen Phu Cuong said the Covid-19 pandemic had heavily hit the country’s socioeconomy and the lives of local residents, especially low-income ones.

However, the State budget revenue collection has faced difficulties, while the spending has been high, mainly for the fight against the pandemic and the economic recovery. Therefore, the NA’s Standing Committee had proposed the NA not raise wages for low-income workers in 2022 and ask the Government to balance resources to early reform wage policies, contributing to ensuring the benefits of laborers.

Today, the NA approved a resolution on the State budget allocation plan for 2022, the local media reported.

Accordingly, the State budget revenue and spending were estimated at over VND1.4 quadrillion and nearly VND1.8 quadrillion, respectively. The State budget overspending of VND372.9 trillion will be equivalent to 4% of the country’s gross domestic product.

Under the resolution, the NA also allowed cities and provinces to spend the remaining capital for the wage policy reform on the fight against the pandemic in 2021 and 2022 if they have used up their budgets and other legal resources for the anti-Covid fight and ensured the sufficient resources for the wage policy reform.

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