HA NOI (Biz Hub) — The Viet Nam Shipbuilding Industry Group (Vinashin) would need nearly VND1.2 trillion (US$57.1 million) to pay out redundancy entitlements for 14,000 employees laid off under the company’s restructuring plan.
The statement was made by Vinashin deputy general director Chu Dinh Dong in a meeting with the Ministry of Transport and the Viet Nam General Federation of Labour last Friday.
Vinashin has more than 26,000 employees and is expected to retain 8,000 workers across eight member companies, under the plan.
Employees in the remaining 226 member firms face uncertainty after a year of unstable work.
“Vinashin will be under great pressure if not finding any way to solve the regulation for the redundant 8,000 workers. Every month the group owes about VND30 billion ($1.4 million) because of a lack of money to pay for salaries, social insurance, health insurance and so on for those employees,” Dong said.
The company’s latest statistics showed that more than 7,000 out of the 8,000 workers were fired but have not received any salary or insurance payments.
According to labour laws, enterprises must pay severance allowances for employees within 30 days of ending labour contracts.
Dong said the group leaders had asked member companies to fulfill their responsibilities with workers’ rights from October 1.
Vinashin would downsize by 14,000 workers according to its restructuring plan but will need further government subsidies to fund payment obligations in full. — VNS
- A New Target for Distressed Investors: What Claims Traders Need to Know About Target Canada and Canadian Insolvency Law
- Puerto Rico Continues the Struggle to Restructure its Debts
- OGX Petróleo e Gas Participações SA (OGX) Insolvency – What Distressed Investors Need to Know About Brazilian Bankruptcy Process
- What to Make of a Diminished Thing: Tobacco Bond Defaults and Restructurings
- Recent Redundancy Exercises In UK – Learning Points For HR, Part 1
- Big Business after Consumers Once Again: HR 1215
- Second Circuit Adheres Strictly to the Rules of Contract in Sovereign Debt Restructurings
- House End of Year Package Would Cut Hospital Funding More than $17 billion
- Performance Enhancement: FERC Approves Significant Restructuring of PJM’s Capacity Market
- Fact check: Do Democrats want $54 billion for foreign aid while denying Trump a wall?
- SOEs need solutions to improve production and business efficiency
- DOJ Continues to Monitor Interlocking Corporate Directorates with Restructuring of Tullett Prebon’s Acquisition of ICAP
- Energy's risky $1 billion bet on two politically-connected electric car builders
- Icahn to sell Federal-Mogul to Tenneco for $5.4 billion
- Dayton signs $1.5 billion bonding bill, but expresses 'deep concerns'
- Texas is being financially irresponsible with its $12 billion rainy day fund. Here's a better plan
- MACRA: What Health Care Providers Need to Know
- PG&E regulator to weigh restructuring utility after deadly fire
- Recruiting and “Off-Limits” Questions about Salary History – What Employers Need to Know
- GAO Report: “Additional Actions Needed to Better Assess Fraud Risks and Report Economic Benefits”
Vinashin needs billions in HR restructuring have 452 words, post on bizhub.vn at September 23, 2013. This is cached page on Talk Vietnam. If you want remove this page, please contact us.