Vietnam minimum wage per day. 7 million Vietnamese dong for Region I.
Vietnam minimum wage per day New minimum wage rates have been implemented in Vietnam since January 1, 2016, showing an increase of about 12. On January 1, 2020, region-based minimum wages for non-state employees in Vietnam will increase by an average of 5. Decree No. Zone 1: urban Hanoi and Ho Chi Minh City; Zone 2: rural Hanoi and Ho Chi Minh City plus Da Nang; Working hours must not exceed 8 hours a Overall, in the period 2022-2015, the minimum wage in Vietnam will increase by a total of 2022%. 000 VND for Dec 2017. Read on to learn more. Average wages in Vietnam rose to VND 6,700,000 monthly, up from VND 6,600,000 in the second quarter. 95 USD. Enterprises have the right to regulate working hours by day or week but must notify employees. , the maximum social contribution is 20 ti Decree 74/2024/ND-CP regulating the minimum wage for employees working under labor contracts in Vietnam, effective from July 1, 2024. However, in many regions, the minimum wage is significantly higher. 68 million VND per month Vietnam’s National Wage Council has increased the minimum wage by an average of 5. 07) per day in Delhi, in accordance with the Minimum Wages Act of 1948. 86 mil. Most countries have a nation-wide minimum wage that all workers must be paid. Vingroup moves closer to building 2nd EV plant in Vietnam. 30 per day in construction. copper. 80-$203. Full Benchmark Report Living Wage Report: Minimum Wage Region 3, Vietnam The minimum wage adjustment is about 2% higher than necessary to improve workers’ minimum living standards until the end of 2024. This forms the basis for the wage-setting process for many workers. 43) per month. Compensation for damage to company property According to Paragraph 1 of Article 129 of the 2019 Manpower Code, if employees damage tools, equipment, or cause any other damage to the employer’s property, they must compensate for the losses as Current regulations on minimum wages in Vietnam. The National Wage Council has just proposed that the Government increase the regional minimum wage in businesses by 6% per month, an average of 238. Region 4 : Statutory minimum wage per month is 3,250,000, Statutory minimum wages per hour is 15,600. In 2022, the monthly minimum wage in Vietnam reached 4. The data reached an all-time high of 3,980,000. 1-17. 68 million ($197. There are two kinds of minimum wages in Vietnam. 31 USD per month. This is the gross wage required for a typical family of 2 adults (one in full-time employment and one in part-time employment) and 2 children to afford a nutritious, low-cost diet, LIVING WAGE REPORT FOR MINIMUM WAGE REGION 1, VIETNAM 3 cities There are two kinds of minimum wages in Vietnam. Subscribe to our free email alert service Viet Nam - Minimum wages The Vietnamese government implemented a 6% increase in the monthly minimum wage across the country, tailored to the cost of living in each region: Region I (Hanoi, Ho Chi Minh City, Hai Phong, Bien Hoa, Thu Dau Do you have questions about the minimum wage in Vietnam? This article covers the minimum wage, average wage, and more. However, due to the impact of the Covid-19 epidemic, in 2020, 2021, the regional minimum wage does not increase in Vietnam. Overall, in the 2015-22 period, the minimum wage in Việt Nam increased by a total of 19. The increase in minimum wage for 2024 was announced in November last year, following 20 consultative meetings between stakeholders. The data reached an all-time high Region 2 : Statutory minimum wage per month is 4,160,000, Statutory minimum wages per hour is 20,000. Date: March 09 2022. This level of adjustment balances the interests of workers and businesses, ensuring that workers’ living standards are improved, while also enabling the Members of the National Wage Council agreed to propose increasing the regional minimum wage in 2024 at the council’s first meeting in 2023 on August 9. Which was promulgated in 2018. that’s per day, not per hour. 20. This is not the minimum wage as per the Malaysia’s minimum wage of RM1,500 (≈$347 per month) is slightly higher than many of the countries that surround it. This has put the new minimum wage at US$ 11. These changes by the Vietnamese government ensure that minimum wages for workers in the garment sector have increased steadily coming out of the New minimum salaries Decree 74 stipulates the minimum monthly and hourly salaries, as follows: In detail PwC 2 Minimum monthly salary Minimum hourly salary Region I VND4. 68 million VND In 2024, the monthly minimum wage in Vietnam reached approximately 4. 8-11. Regional minimum wage in Vietnam Region Examples Minimum salary (VND) I Ho Chi Minh City, Hanoi 4,420,000 II Da Nang, Hai Phong, Hue 3,920,000 III Non-urban areas 3,430,000 IV Under-developed or remote areas 3,070,000 With the promulgation of Decree 38/2022/ND-CP changing the minimum wage of Vietnamese employees from July 2022, there are still many businesses and trained employees wondering whether this major change in the minimum wage affect the required 7% increase in the minimum wage for trained employees?. 000 VND in Dec 2018. The National Wage Council has proposed to the Government a 6% increase in the regional minimum wage, equivalent to 238,000 VND per month on average, starting from July 1. English. Starting July 1, 2024, Vietnam will implement significant updates to its minimum wage structure, impacting companies across various industries. 25 million ($137) and VND4. Thus Minimum Wage. According to the Vietnamese government, the official minimum wage in Vietnam in 2023 varies from 3. (Increased from VND4. 45 million VND ($150) a month and differentiated by many factors. Hire your employees globally with confidence. Following the country’s rapid economic Previously, at the end of December 12. the employer will be imposed an additional one percent of the employees’ wage, per day. 95 On June 12, 2022, the Government of Vietnam promulgated Decree No. Vietnam’s minimum wage laws are an essential aspect of labor regulation, designed to ensure employees receive fair compensation for their work. 68 million dong that was in effect since July 1, 2022. Related Resources. 25 per hour, and one can buy a sandwich (even a banh mi) in the US for around $7. 8 (VND 250,000-400,000) higher per month than in 2015. Le Van Thanh, chairman of the council and vice minister of labor, said the 6% rate, now pending government's approval, guarantees "harmonious" benefits of workers and businesses. The current wages in these regions range from VND 3. 56 per day for employees working five days per week; and Vietnam’s Wage Levels. 66) and VND22,500 ($0. Under the law, the government must look at certain factors to determine the new minimum wage, which includes inflation rates and living expenses, industry productivity, and the current job market. Salaries in Vietnam range from 4,360,000 VND (starting salary) to 76,900,000 VND (maximum average salary, actual maximum is higher). Wages range from $0. The data used come from the Socio-Economic Panel (SOEP The union believes that the National Wage Council needs to meet soon to discuss increasing the minimum wage to adjust with wage reform in July 7. 68 million ($197), equivalent to between VND15,600 ($0. org). 5 million higher-paid workers may indirectly benefit from wage adjustments. This page provides - Vietnam Minimum Wages- actual values, historical data, forecast, chart, statistics, economic the living standards would be for workers who would earn a living wage. 73"), regulating the basic salary ("lương cơ sở") for cadres, civil servants, public employees and the armed forces - which is also known as the general minimum wage (GMW), and Decree 74/2024/ND-CP ("Decree No. 25 million VND (130 USD) in rural provinces For Region 1, we estimate a living wage of VND 8,545,680 (USD 358) per month, as of November 2022. It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants Minimum Hourly Wages in Vietnam: A Regional Perspective The Labor Code of Vietnam establishes minimum hourly wages that vary across different regions of the country. 000 VND in 2018 and a record low of 740,000. Date: July 05 2023. The most read Vietnamese newspaper. Vietnam Fintech and Payroll Innovation: Understanding the Concept of Earned Wage Access Services. 13 (INR 178) per day or US$64 (INR 5,340) per month. 000 VND in 2009. The statutory minimum wage per month is the minimum wage used as the basis for any agreement between employers and employees on monthly salary and payment thereof. 960. As the regional minimum wage increases, the minimum wage for transferred jobs must also be adjusted accordingly. 05 million to VND1. Geographically, the minimum wage can range from INR 160 (US$1. This problem gets many concerns from employees, especially after the increase in basic wage from July 01, 2023. gr and Wageindicator. Min wage per hour in the US is $7. 00: 12. 96) per day for employees working six days per week; 69. Vietnam's Minimum Wage is the lowest amount a worker can be legally paid for his work. Regular Working Hours: The maximum regular working hours are 8 hours per day and 48 hours per week. There is a bill in the Senate and a twin bill being considered at the House of Only less than 10% of workers have a salary lower than the regional minimum wage due to lack of work, not working enough days in the month, and not enough standard working hours per day. 22). 96 million dong, up from a range of 3. per day, a 11% increase from the current 6 pesos, and this will have effective from July 610. The increase was passed by Vietnam’s National Wage Council on July 11, 2019, and approved by the prime minister on November 17 of the same year. 16 mil. Thus, if approved by the Government, the minimum wage Specifically, hourly wages have been calculated by dividing minimum monthly wages by total working hours in a month, which are the product of 26 working days per month and eight hours per day. Additionally, labor laws also cover overtime pay and paid leave. Related. 07) per month in July last year. Under the plan, the salary increase would be in the range of VND180,000-260,000 (US$7. Vietnam Regional Minimum Wages: Per Month: Region I data is updated yearly, averaging 2,525,000. Follow us on The increase in pay has been estimated at VND180,000-260,000 per month per worker, depending on four salary regions specified by the government. Many universities do not organize or receive flowers on opening day, transferring billions of dong to the Vietnam Fatherland Front. The minimum wage depends on the employee’s region: Region I (urban HCMC (Ho Chi Minh City) and Hanoi): 4,420,000 VND/month. , the maximum social contribution is 20 times the common Understanding Vietnam’s Minimum Wage. Sep 27. 60) per month. The Vietnamese government’s decision to adjust its minimum wage standards within the past year came about after a study by the Vietnam Labor Union found that a properly sustainable diet – which is defined as a diet of about 2,300 calories a day – costs approximately VND900,000 (US$42) per month to fund. The minimum wage is 50 Gambian dalasi (GMD) a day or roughly 23. On 12 June 2022, the Government issued a new order (Decree 38/2022/ND-CP) prescribing statutory minimum wages paid to employees working under labour contracts. 27 percent, this may see another wage hike necessary in the not-too-distant future. Legal documents – Utility to look up legal documents – Law On June 30, 2024, the Hanoi issued Decree 74/2024/ND-CP stipulating the minimum wage for employees working under labor contracts. 41 million; Region 3 to VND 3. While Vietnam’s minimum wage supposedly covers all Learn about the key regulations governing employee pay in Vietnam, including minimum wage, overtime, and other compensation rules +31 970 1028 6682. Prakas 264 will come into effect on January 1, 2022. 13) per month. 74"), regulating the regional minimum Living Wage Update 2024: Minimum Wage Region 4, Vietnam By Agnes Medinaceli Lykke E. The Minister of Labor, Heng Sour, stated that workers will receive: An extra USD $10 per month for regular attendance; Additional USD $7 per month for transportation and rent. For hazardous jobs, the limit is 6 hours per day. The monthly minimum wage is being applied in Vietnam from July 1, 7 to December 2022, 30 in 12 regions including: Region 2023 is 4 million VND/month; Region 1 is 4,68 million VND/month; Region 2 is 4,16 million VND/month and region 3 is 3,64 million Explore Vietnam's 2024 minimum wage and basic salary rates, and understand their implications for different sectors and roles. This is the second time in the last four years where the minimum wage is increased at the beginning of July, the last time being in 2022 due to the impacts of With the arrival of a new calendar year, workers in textile, garment, footwear, and travel goods factories are set to enjoy a new minimum monthly salary of $204. 000 VND to XNUMX VND. The Government Decision about minimum wage states that minimum wage is calculated on 168 average working hours per month. 160. 45 million-4. The survey, which was conducted on 3,000 workers and 157 businesses in six provinces and cities before the first round of regional minimum wage negotiations in 2024, showed that 52. Meal allowance of USD $0. 1. 3 percent in 2019. The new minimum wage works out as follows for workers in city council or municipal council areas: US$12. 25 million dong to 4. Actual Previous Highest Lowest Dates Unit Frequency; 363. 00: 363. 2 percent a year between 2012 and 2022, and inflation for the first 11 months of this year pushing 4. 25 to VND 4. At the first session in August discussing the minimum wage in 2024, the 3. 86 million; and Region 4 to VND 3. 96 mil. 3% of employees work overtime with an average time of 1. The National Wage Council voted unanimously on Wednesday to raise the Southeast Asian nation’s monthly floor to between 3. Before implementing a new wage hike, organizations must prepare for and Vietnam's 6% minimum wage increase for 2024 signifies a significant change for employers. Vietnam. The new minimum wage works out as follows for workers in city council or municipal council areas: 57. 12) per day as originally proposed, due to fears of the adverse effect on small and The hourly minimum wage will also increase by 6% starting from the same date, with the highest increase level for Region I at 23,800 VND per hour. 50 Specifically, monthly minimum wages in Region 1, which covers Hà Nội and HCM City’s urban areas, will be VNĐ4. Additionally, around 1. The minimum wage in Vietnam is 4. 50 per day; and Singapore; Hanoi, Ho Chi Minh City, and Da Nang in Vietnam; besides our practices in China, Hong Kong SAR, India, Italy, Germany, and USA. 7 million Vietnamese dong for Region I. Salary Range, Minimum Wage, and Starting Salary. 5%. The country is divided into four regions, with Region One having the highest minimum wage and Region Four the lowest. Vietnam’s monthly minimum wage differs across four different regions, depending on the cost of living. As of 2023, the minimum wage in Vietnam is as follows: Region I (Ho Chi Minh City, Hanoi): 4. Salaries range from 2,340,000 VND (lowest) to 7,440,000 VND It should be noted that the given figure is not the legally mandated minimum wage; (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). 000 VND/month, region III is 4. 73/2024/ND-CP ("Decree No. On 21 September 2022, the Ministry of Labour and Vocational Training (“MLVT”) issued Prakas 247/22 on the Determination of Minimum Wage for Workers in the Garment, Textile, Footwear (“GTF”), Travel Product and Bag Sectors (“Prakas 247”), to set a new minimum wage for 2023, which will be effective from 1 January 2023. 7) per day beginning Oct. Vietnam Regional Minimum Wages: Per Month: Region II data is updated yearly, averaging 2,250,000. . 1, despite concerns that the hike could negatively impact businesses. These minimum wages serve as a foundational standard for fair compensation and ensure a minimum level of income for workers. It means that the new minimum wage will vary from VND3. Minimum wage per month – Region 3: VND 3,640,000: VND 3,860,000: Minimum wage per month – Region 4: VND 3,250,000: VND 3,450,000: Impact on the calculation of social contributions. 3 percent. Gambia. 88) per month. In brief. Accordingly, the statutory minimum wage per month has increased by an average of 6% (from VND 180,000 In Vietnam, the statutory minimum wage is set per zone as designated by the government. The average wage per person in Vietnam is around 3. 2024, 6 to an average increase of 200. Full Benchmark Report Living Wage Report: Minimum Wage Region 2, Vietnam. The new level is equal to USD4. Hourly Workers want to increase wages It is expected that on August 9, the National Wage Council will enter the first official meeting to discuss the regional minimum wage plan in 8. Accordingly, the increase in region I is 7 VND/month, region II is 4. 38/2022/NĐ-CP (Vietnamese) sets monthly minimum wages ranging from 3. $138. Vietnam’s monthly and hourly minimum wages increased July 1 under a decree published June 30. Vietnam is poised to implement a 6% increase in minimum wages starting July 1, 2024, mandated by the Vietnamese Ministry of Labour, War Invalids and Social Affairs (MOLISA). 4% on the year. 38/2022/ND-CP on statutory minimum wages paid to employees working under employment contracts applied from July 01, 2022. The data reached an all-time high of 3,530,000. Vietnam: $1,591: $0. 96 per day for employees working six days per week; US$15. 36), which varies between regions. Until 2010, there were three types of MWs in Vietnam, namely the common MW, By an international poverty line of approximately US$1. 10. The present paper analyzes how the statutory minimum wage introduced on January 1, 2015, has affected working hours in Germany up to 2016. The minimum wage in 2024 is US$202 per month for probationary workers. ) VND 23,800 Region II VND4. 2) per month per worker, depending on the four salary regions specified by the Vietnamese government. Compared to last year, the Many benefits when increasing the regional minimum wage The Ministry of Labor, Invalids and Social Affairs is proposing to develop a draft Decree regulating the regional minimum wage, with an increase of 6% from July 1. Vietnam General Minimum Wages: Per Month data is updated yearly, averaging 450,000. Under the plan, pending approval April 13, 2022. View . By Do Quynh Chi, Nguyen Huyen Le, Richard Anker, Martha Anker. 5 percent, while in 2017 the minimum wage was hiked by 7. Representing the workers, the Vietnam General Confederation of Labor, proposed a proposal to In Vietnam, the minimum salary varies by region to match the cost of living. Sierra Leone. On 30 June 2024, the Vietnamese government issued both Decree No. 000 VND, the minimum hourly wage is 20. Overall, in the 2015-22 period, the minimum wage in Việt Nam increased by a Minimum wage. Read more Minimum wages in China continue to rise. 68 million. Pham Thi Thu Lan, Deputy Institute of the Institute Head of the Institute of Workers and Trade Unions (General Confederation of Labor Minimum Wage Regulations; About the Minimum Wages Database (English) This page is maintained by Mywage. e. There has been an increase of the statutory minimum wage per month in Vietnam . Available [email protected] Employee salaries are disbursed through chosen channels on the designated pay date as per the employment contract. The minimum wage in Nepal is NPR16,472 ($125. The maximum number of normal working hours is 8 hours per day and 48 hours per week. 74, the monthly and hourly RMWs have also been increased by approximately 6%. 69 ringgit (US$12. 64 mil. Article 4 of Decree 38/2022/ND-CP stipulates application of statutory minimum wages as follows: Application of statutory minimum wages. 7. The first type is the common minimum wage of VND 2,340,000 (US$93) which is used to calculate salaries for employees in state-owned organizations and enterprises, as well as to calculate the social contribution for all enterprises (i. Full Benchmark Report Living Wage Report: Minimum Wage Region 1, Vietnam. So maybe it’s safe to say 20,000 dong to an average Vietnamese wage worker here feels roughly how $8, £8 or €8 euro would feel to an American (Brit or European). Vietnam: VND4,680,000 per month (≈$200 per month) Thailand: THB354 per day (≈$225 per month) Indonesia: Salary Range, Minimum Wage, and Starting Salary. It said Vietnam raised minimum wage by 6% between 2020 and 2022, but In another sign of Asia-wide inflation, the government of Vietnam announced an increase in the minimum wage from VND650,000 to VND730,000. 25 million to VND4. Benchmark Study Living Wage for Ho Chi Minh City, Vietnam. 88% to VND4. 000 VND/month, Thailand will increase its nationwide minimum wage to THB400 (US$11. In addition to the minimum wage, workers will also receive the following benefits: Attendance bonus — US$10 per month; Travel and accommodation expenses — US$7 per month; Meal allowances — US$0. This records an increase from the previous number of 1,300,000. 25. As of 2024, the minimum wage varies by region, ranging from 4. 00: 1973 - 2024: THB/Day: Yearly: NSA Compare Minimum Wages by Country. The minimum wage in Vietnam is VND3,250,000 ($138. 00: 353. This increase is equivalent to a rise of VNĐ180,000-260,000 (US$7. Pakistan Chairman of the grassroots trade union of Changshin Vietnam Company said that the current labor law stipulates that workers work under normal conditions no more than 8 hours per day and 48 hours per week. 2024 Average Salary in Vietnam. 25 million dong (U. The hourly wage The minimum national wage in Vietnam is 1,490,000 VND. and food allowance of US$0,5 per day. 25 per day per person, the 2011 common MW rate is just above this line. 61) in Region 1 to 4. The current minimum wage Vietnamese Dong per Month Minimum Wage Region 1, Vietnam. 56) per day for employees working five days per week; and The hourly minimum wage will also increase by 6 percent starting from the same date, with the highest increase level for Region I at VND 23,800 per hour. Sao Tome and Principe. The first type is the common minimum wage of VND 2,340,000 (~US$93), which is used to calculate salaries for employees in state-owned organizations and enterprises, as well as to calculate the social contribution for all enterprises (i. 07 million dong to 4. 000 VND. 23 ringgit (US$15. Minimum Wage Laws in Vietnam. Subscribe to our free email alert service Viet Nam - Minimum wages Minimum wage The monthly minimum wage in Malaysia’s 56 major cities is 1,500 ringgit (US$337). Vietnam Regional Minimum Wages: Per Month: Region II data remains active status The Vietnamese Government has recently issued Decree 73 formally approving increases to the Minimum Basic Wage and Minimum Monthly Wage, effective from 1 July Decree 73 increases the Minimum Basic & Monthly Wages in Vietnam. Region IV, on the other hand, had a lower minimum wage of 3. After Vietnam’s most recent minimum wage hike in July 2022, monthly wages in the four regions (1-4) range between VND3. 5 per day (or one free The Global Living Wage Coalition makes its calculations based on a family of four with 1. The minimum wage for non-agricultural workers in Metro Manila will increase to P610. Written on July 8, 540,000 VND/day: 702,000 VND/day: Cambodia’s minimum wage is regulated under the Minimum Wage Law. Vietnamese Dong per Month Living Wage Update 2023: Minimum Wage Region 2, Vietnam. The International Labor Organization (ILO) assesses that since 2015, Việt Nam has always increased the minimum wage stably and consistently, from $119 month to the current $168 per month. The hourly minimum wage will also increase by 6%, ranging from VND 16,600 to VND 23,800. Definitions. 86 workers living in Region 1 areas as defined in Vietnam’s minimum wage regulations. However, by understanding the rationale behind this adjustment, taking proactive steps to ensure compliance, and fostering The minimum area wage is the lowest rate that can be paid to employees doing the most basic work in normal working conditions. Hourly wage rates will be calculated based on the updated monthly wages, ranging from VND 16,600 to VND 23,800 across the four regions (assuming 26 working days per month, eight hours per day). 3 per cent of employees work overtime with an average time of 1. – The converted hourly salary is equal to the weekly or daily salary divided by the number of normal working hours per week or per day; or product-based salary, contract salary divided by the number of hours worked during normal working At the first meeting, the technical department of the National Wage Council proposed a proposal to increase the regional minimum wage from January 1, 1 or July 2024, 1. As per the new structure, wages will be lifted as follows: Region 1: VND 4. Sep 30. 3%, 6. 3 million Vietnamese dong. 75 hours per day When this minimum wage hike comes into effect, it will be the first minimum wage adjustment for Vietnam in two years. [5] Albeit low, MW is generally viewed by policymakers and economists to carry gigantic The monthly minimum wage for Region 1 will rise to VND 4. Specifically, monthly minimum wages in Region 1, which covers Hà Nội and HCM City’s urban areas, will be What are the region-based minimum wages in Vietnam in 2024? Official Dispatch 7978/VPCP-KTTH of 2023 of the Government requires the Ministry of Labor, War Invalids and Social Affairs to develop and submit a draft A person working as Cleaner in Vietnam typically earns around 4,770,000 VND. Regionally-based monthly minimum wages vary between four different regions based on four separate benchmarks determined by living standards in each area. 68 mil. The increase was implemented after a study by the Vietnam Labor Union found that a properly sustainable diet, which is defined as a diet of about 2,300 calories a day, costs approximately VND900,000 per month to fund. Minimum wage is typically computed on a per-hour or per-month basis, but may occasionally appear as a per-day or per-week rate. In response, employers will instead increase the number of workers' working days to offset ₭800,000 (US$100) per month; additionally, employers were required to pay a ₭30,000 (US$3. 5%, 5. 68 million ($203) per person; and in Region 2, covering Hà Nội and HCM City’s rural areas, along with major Minimum Wage in Vietnam. 15 million per month (US$55 dollars) this month. 80 VND Thousand/Month in 2024 from 4680 VND Thousand/Month in 2023. Andersen Marcelo Delajara Richard Anker Martha Anker Date: June 01 2024 In August, the National Wage Council held its first meeting to discuss plans to increase the regional minimum wage in 8. List of areas to which the regional minimum wage applies * Region I, including the following areas: - The districts and districts of Gia Lam, Dong Anh, Soc Son, Thanh Tri, Thuong Tin, Hoai Duc, Thach That, Quoc Oai, Thanh Oai, Me Linh, Chuong My and Son Tay town of Hanoi city; Vietnam - Minimum wages. This adjustment responds to economic improvements, inflationary pressures, administrative changes, and public sector salary reforms aimed at maintaining equitable wage standards Minimum wages across ASEAN countries are gradually increasing to match the rise in the cost of living. Prices of necessities, especially food, have increased during the pandemic. 000 VND from July 1. The new minimum wage in Vietnam, effective July 1, 2024, will impact various social insurance items calculated based on the statutory pay rate. 68 million VND (approximately 190 USD) in high-cost areas like Hanoi and Ho Chi Minh City to 3. 86-11. 3%, and 6% in the years 2017, 2018, 2019, and The hourly minimum wage will also increase by 6% starting from the same date, with the highest increase level for Region I at 23,800 VND per hour. 68 million Vietnamese dong per month depending on the region, which is equivalent to 140-200 US dollars at the current exchange rate. Further, if an employer does not prepare a wage structure and wage scale for the employee, they can face the following In Thailand, the Minimum Daily Wage refers to the average official minimum wage per day in Bangkok. Vietnam: Changes to the general minimum wage and regional minimum wage in 2024 Meanwhile, as per Decree No. The minimum wage rate is set at 1,970 Kyrgyzstani som (KGS) or 23. Minimum wages were first utilized to address the exploitation of workers in sweatshops and then came to be seen as a way to prevent exploitation and help lower-income families everywhere. Regional Variations The minimum hourly wage in Increasing basic and minimum wages in Vietnam from July 2024 if after adjustment receive less than VND 3. Minimum wage. 25 to 4. Nigeria’s minimum wage is one of the The National Wage Council of Vietnam has proposed a 6% increase in the regional minimum wage, to be implemented starting from July 1, 2024. Region-based minimum wage levels in 2023. Under Prakas 247, workers in the above sectors The minimum wage was raised 5. 76 The minimum wage in Turkmenistan is TMT353 ($153. It’s not easy, since most Filipinos are earning below the minimum. In this article, <a title="Minimum Vietnam Considers 9-Day Tet Break for 2025. 2 million per month, will see an increase of VND 300,000 per month; those receiving Vietnam's workers' minimum monthly salaries are increased by 6%, or up to VND280,000 ($11), starting Monday. Normally, the minimum wages will be adjusted each year to meet the need of society. Vietnam is set to raise its minimum wage by 6 percent next year, pending government approval. 96 million Vietnam raised the regional minimum wage by 7. The new minimum wage is expected to be set at above the rate of inflation, but is unlikely to be raised to 400 baht (US$11. Typically, this entails working eight hours per day, from Monday to Saturday. HANOI — The National Wage Council announced on Tuesday that the regional minimum wage will rise by six per cent from July 1, 2022. 000%, corresponding to an increase from 280. Regionally-based monthly minimum wages vary The Cabinet, during its meeting on 26 December 2023, acknowledged the announcement made by the Ministry of Labor to increase the daily minimum wage in all 77 provinces between 2 and 16 baht, effective on 1 January 2024. In accordance with section 91 of the Labour Code 2019, workers' salary must at least be equal to the minimum wage, i. The 7% increase was agreed upon by the 6 members of the National Wage Council after two bargaining sessions in 16. 74) meal allowance per day. Vietnam Regional Minimum Wages: Per Month: Region I data remains active status . , the maximum social contribution is 20 times the common Vietnam's minimum wage will go up 6 percent starting July 1, two years after remaining unchanged. 45 million dong (US$135. Cambodia Minimum Wage Benefits In addition to the monthly minimum wage, workers will also receive other fringe benefits. Nigeria. The new figure is $4 higher than the 2023 wage. The proposed salary increase follows the calculation principle so that the minimum wage must be equal to or higher than the minimum living standard of the employee. 53) to 4. This applies directly to state agencies, but will affect all businesses because the minimum wage rate is used to calculate overtime pay. 000 VND in 2018 and a record low of 800,000. 68 million dong in Region 4, up from a range of 3. Regular Updates: The government regularly updates the minimum wage to reflect economic conditions. We Vietnam General Minimum Wages: Per Month data was reported at 1,390,000. Hourly minimum wages The recent rise has increased minimum wages by 6 per cent, with region 1’s minimum wage rising from VND4,420,000 (US$189) to VND4,680,000 (US$200) per month. The big issue on labor policies in the country today is the plan to enact a law to increase the existing minimum wage by P100 per day. From July 1, 2024, the Statutory minimum wages per hour for employees working under labor Vietnam’s minimum wage has been revised four times since 2019. Moreover, there is an overtime and seniority bonus of between US$2 to US$11 for workers who have worked from the second to the eleventh year. 2 Minimum wage zones in Vietnam used for setting wages Vietnam is divided by government into 4 regions for minimum wage purposes. Decree 74/2024/NĐ-CP (Vietnamese) sets monthly minimum wages for each of four regions from 3. The current minimum wage ranges from VND3. 40 USD a month. It has replaced the previous Decree 38/2022/ND-CP and has demonstrated the State’s concern On July 1, 2022, Vietnam revised the regional minimum wages by an average of 6% after nearly two and a half years of pandemic-related delays. The minimum wage for civil servants and state enterprise employees was last increased to ₭1,400,000 (US$170) Living wage per month VND 8,606,008 (USD 366) Living Wage Update Report: Minimum Wage Region 1, Vietnam, 2023 2 Anker Research Institute Minimum Wage Region 1, Vietnam, 2023 5 Anker Research Institute Table 1 provides details of the original and the updated family living expenses, as well as net and gross In 2023, the minimum wage ranges between ฿328 and ฿354 per day, which is higher than many of its Southeast Asian neighbors, such as Indonesia, Vietnam, and India. Employers in Vietnam are advised to pay attention to the cost impact of the statutory pay rate and the minimum regional There are two kinds of minimum wages in Vietnam. 92) per day in Bihar to INR 423 (US$5. Specifically, the Kerala region stands out with the highest minimum daily rates for non-laborers, while other parts of the country maintain relatively uniform minimum wage levels for such Thailand’s Ministry of Labour has confirmed that it will raise the minimum wage for 2024, with a high likelihood that the hike will be announced in December 2023. (Increased from VND3. of hours (usually 8 hours per day) in response to a minimum wage increase. 00, benefiting over a million workers. 410. Like many other economies in the world, the type of jobs firstly d Current regulations on minimum wages in Vietnam. Meal allowances — US$0. In addition to average salaries, the Vietnam minimum wage is also a crucial metric. Article 3 of Decree 38/2022/ND-CP stipulating monthly Let's find out what salaries in Vietnam in 2023. As of November 20, 2024, Shanghai has the highest monthly minimum wage among 31 provinces (RMB 2,690/US$370 per month), and Beijing has the highest hourly minimum Statutory minimum wages per month of employees in Vietnam under Decree 74/2024/ND-CP (Internet image) On June 30, 2024, Hanoi issued Decree 74/2024/ND-CP stipulating the statutory minimum wages paid to employees (Article 3 of Decree 38/2022/ND-CP ) 2. Since the Anker Methodology is designed to provide useful inputs into A foreign entity without a license to operate in Vietnam cannot directly hire Vietnamese employees. S. In 2018, the increase was 6. Salaries for the position Factory Worker in Vietnam range from 2,450,000 VND (starting salary) to 8,480,000 VND (maximum salary). However, minimum wages vary depending on skillset, industry, and place of employment. 96 million; Region 2 to VND 4. /. 000 VND (Median) from Dec 1995 to 2018, with 24 observations. Employers have the right to stipulate that employees work on a daily or weekly basis, but they must notify the employee of such. Many people have been struggling to budget their salaries to keep them going. Below are monthly and hourly minimum wages in 4 regions as follows: The minimum wage in 2024 is US$204 per month for regular employees. ) VND 18,600 The minimum wage in the Philippines is an important topic that affects millions of workers in the country. Daily minimum wage rates for smal HANOI : Vietnam plans to raise its minimum wage by 6per cent from July to help workers weather the impact of the COVID-19 pandemic, the government said on Tuesday. This change holds particular importance for CEOs and The International Labor Organization (ILO) assesses that since 2015, Việt Nam has always increased the minimum wage stably and consistently, from $119 month to the current $168 per month. 8 per cent. Download . 86), depending on the region, beginning in July. Establish a satisfactory minimum wage The National Wage Council voted Wednesday to have minimum wages in the country rise by 6% starting July 1, 2024. From 1 July 2024, the Vietnam ’s minimum wage regime and paradoxes. Affordable eats: 7 Michelin-recommended eateries in Da Nang. However, different industries may have specific regulations that can modify these hours Wage and salary in Vietnam are very dissimilar across occupations and contrast starkly between urban and rural areas. 68 million ($140. What is the regional minimum wage? According to Article 91 of the Labor Code 2019, the minimum wage is the lowest salary paid to employees who perform the simplest jobs in normal working conditions in order to ensure a minimum standard of The survey, which was conducted on 3,000 workers and 157 businesses in six provinces and cities before the first round of regional minimum wage negotiations in 2024, showed that 52. ) VND 21,200 Region III VND3. This is an issue related to job creation for workers that needs to be implemented by businesses in the near future. The minimum wage in Region II per month is 4. Vietnam’s minimum wage is set by the government and varies by region to reflect the cost of living and economic conditions. It equates to roughly 200 US dollars per month. The hike, which is the lowest compared to previous years, will increase the minimum wage in the four regions by US$7-9 per month. per a proposal by the Ministry of Labor, Invalids and Social Affairs. 68 million VND/month (according to Take-Profit. Before the meeting, Ms. 19-201. Minimum wage This Decree regulates the monthly minimum wage and the hourly minimum wage for people. 42 million dong. Blog November 27, 2024. Elevate Your HR Planning with the NetViet 2025 Calendar! minimum wages in Vietnam follow the provisions, conventions, and recommendations of ILO. Indonesia's minimum wages vary by region and sector, reflecting local economic conditions and promoting fair income standards. The increase varies from US$140 to US$202 depending on the living expenses in a particular The fact that Vietnam has just increased its minimum wage and many Southeast Asian countries are also planning to increase wages raises concerns that the region will lose its competitive advantage in the context of shifting global production. Date: November 02 2022. (Region I: VND 3,500,000 per month; Region II: VND 3,100,000 per month; Region III: VND 2,700,000 per month and Region IV: VND 2,400,000 per month) Vietnam's minimum wage was Minimum Wages in Vietnam increased to 4960. 2 million Vietnamese dong. Vietnam will increase regional minimum wages by approximately 6 percent from July 1, 2022. In addition, Vietnam is also known for its abundant labor supply at low wages. The minimum wage is 500,000 Sierra Leonean leones (SLL) per month or 26. 83 per day in the tea industry, to $8. time of 1. org, 2024 Minimum Wages - Greece - Archive Archive from 2019 on. 000 VND (Median) from Dec 2009 to 2018, with 10 observations. Minimum wage with effect from April 1, 2024; Minimum wage with effect from April 1, 2023; Minimum wage with effect from May 1, 2022; Minimum wage with Cambodia will raise the minimum wage for the garment and footwear sectors to $208 per month in 2025. The minimum wage applies to the following subjects (Article 2, Decree 74/2024/ND-CP): A Day in the Life of an HR Manager. Bonuses and benefits: Workers who have worked from 2 to 11 years will receive India’s minimum wage is US$2. Vice Chairman of the Vietnam Fatherland Front Committee of Dong Thap province Vo Chi Huu received the Vietnam’s general minimum wage rate was increased from VND1. The minimum wage in Vietnam varies depending on the region. Region 3 : Statutory minimum wage per month is 3,640,000, Statutory minimum wages per hour is 17,500. With an average rate of inflation of 3. Romania has a government-mandated minimum wage. 96 million dong ($141. 45 million. Article 112 of the Labour Code provides that the normal working time for full-time employees is of 8 hours per day and 40 hours per week. 75 hours per day. It is also expected to ensure minimum living standards in 2025. 41 mil. Nepal. The monthly minimum wage in Malaysia’s 56 major cities is 1,500 ringgit (US$337). It uses an estimate of family living expenses of VND 13,404,719 (US$550. Minimum salary in Vietnam. 2023, the National Wage Council met and unanimously recommended that the Government adjust the minimum wage applicable from July 1. A Vietnam minimum wage decree increasing monthly minimum wages and specifying hourly minimum wages took effect July 1. , a wage which will ensure the minimum living needs of the employees and their families and which is based on the local social & economic conditions as well as the normal wage in the labour market. 25 milion per month (approximately An employee shall be entitled to have fully paid days off on the following public holidays: Calendar New Year Holiday one day (the first day of January of each calendar year) Vietnam - Minimum wages. ooayldkfbhhmvmbknmzbuykthslztbdfktdtydigdhcbe
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