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LEGAL ALERT ON THE NEW DECREE REGULATING MINIMUM SALARY

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Dr. Oliver Massmann
Dr. Oliver Massmann

LEGAL ALERT ON THE NEW DECREE REGULATING MINIMUM SALARY

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LEGAL ALERT ON THE NEW DECREE REGULATING MINIMUM SALARY On 30 June 2024, the Government issued (i) Decree No. 73/2024/ND-CP regulating base salary and bonus regime (“Decree 73”); and (ii) Decree No. 74/2024/ND-CP regulating the minimum salary for employees working under labor contracts (“Decree 74”) 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. Further, according to Decree 74, the new monthly minimum salary and hourly minimum salary by region is as follows: Region Minimum monthly salary (Unit: VND/month) Minimum hourly salary (Unit: VND/hour) Region I 4,960,000 23,800 Region II 4,410,000 21,200 Region III 3,860,000 18,600 Region IV 3,450,000 16,600 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). We – Duane Morris Vietnam – 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. *** Please 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.
LEGAL ALERT ON THE NEW DECREE REGULATING MINIMUM SALARY

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LEGAL ALERT ON THE NEW DECREE REGULATING MINIMUM SALARY

  • 1. LEGAL ALERT ON THE NEW DECREE REGULATING MINIMUM SALARY On 30 June 2024, the Government issued (i) Decree No. 73/2024/ND-CP regulating base salary and bonus regime (“Decree 73”); and (ii) Decree No. 74/2024/ND-CP regulating the minimum salary for employees working under labor contracts (“Decree 74”) 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. Further, according to Decree 74, the new monthly minimum salary and hourly minimum salary by region is as follows: Region Minimum monthly salary (Unit: VND/month) Minimum hourly salary (Unit: VND/hour) Region I 4,960,000 23,800 Region II 4,410,000 21,200 Region III 3,860,000 18,600 Region IV 3,450,000 16,600 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). We – Duane Morris Vietnam – 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. *** Please 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.