On 30 June 2024, the Government issued (i) Decree No. 73\/2024\/ND-CP regulating base salary and bonus regime (\u201cDecree 73\u201d); and (ii) Decree No. 74\/2024\/ND-CP regulating the minimum salary for employees working under labor contracts (\u201cDecree 74\u201d) with both being effective from 1 July 2024. According to Decree 73, the base salary from 1 July 2024 will increase to VND,2340,000\/month from VND1,800,000\/month.<\/p>\n
Further, according to Decree 74, the new monthly minimum salary and hourly minimum salary by region is as follows:<\/p>\n
Region\t Minimum monthly salary Minimum hourly salary
\n (Unit: VND\/month)\t (Unit: VND\/hour)<\/p>\n
Region I\t 4,960,000\t 23,800
\nRegion II\t 4,410,000\t 21,200
\nRegion III\t 3,860,000\t 18,600
\nRegion IV\t 3,450,000\t 16,600<\/p>\n
According to this new minimum salary, the cap for contribution of compulsory social insurance increases to VND46,800,000\/month (an increase of approximately 30% compared to the old base salary) while the same for unemployment insurance increases to VND99,200,000\/month for Region I, VND88,200,000\/month for Region II, VND 77,200,000 for Region III, VND69,000,000 for Region III, subject to future changes with regards to the to-be-issued Amended Law on Social Insurance (where applicable).<\/p>\n
We \u2013 Duane Morris Vietnam \u2013 are following up closely with the new developments of the Amended Law on Social Insurance and any new progress will be updated in a timely manner.<\/p>\n
***
\nPlease do not hesitate to contact Dr. Oliver Massmann at omassmann@duanemorris.com if you have any questions. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC. <\/p>\n","protected":false},"excerpt":{"rendered":"
On 30 June 2024, the Government issued (i) Decree No. 73\/2024\/ND-CP regulating base salary and bonus regime (\u201cDecree 73\u201d); and (ii) Decree No. 74\/2024\/ND-CP regulating the minimum salary for employees working under labor contracts (\u201cDecree 74\u201d) with both being effective from 1 July 2024. According to Decree 73, the base salary from 1 July 2024 … <\/p>\n