Employees at state-owned firms are getting the highest payment according to a new report by the General Statistics Office. illustrative image The numbers were announced in the report about enterprise development in Vietnam in 2017 and during the 2010-2017 period. In 2017, the average monthly wage of the business sector reached VND8.3m (USD354), a 10.1% increase compared to the previous year. The workers at state-owned firms had the highest wage of VND11.01m, increased by 4.4%, and the FDI firms followed with VND9.04m, an increase of 6.2%. From 2010 to 2017, the monthly incomes at state-owned firms increased by 8.9% a year and at the rate of 11.4% at FDI firms. The private sector experienced the fastest growth rate in monthly wage with VND7.37m (USD314), increased by 15.1% compared to 2016. The annual growth rate from 2010 to 2017 was 11.6%. In general, employees in the service sectors had the highest wages of VND9.41m (USD402) and VND7.76m in the construction and industrial … [Read more...] about State-owned firms pay highest average monthly wages
Monthly wage
State-owned firms could have wage autonomy
The Ministry of Finance has proposed salary reform that will allow state-owned firms to decide salaries so that boards of directors will be hired rather than appointed as currently. Vinalines corruption case aroused great public criticism According to the proposal, the leaders will be paid from the company's post-tax profits. The reform will be submitted to the National Assembly at the 7th Plenum of the Communist Party of Vietnam’s Central Committee. Pham Minh Huan, former Chairman of the National Wage Council, said such method had been implemented in many countries and discussed many times before. According to Huan, in other countries, board salaries are paid from the company's annual profits. Meanwhile, in Vietnam, the leaders are appointed and paid high monthly wages despite billions in losses. Le Dang Doanh, former head of the Central Institute for Economic Management, also supported the proposal. To many appointed leaders, they are not concerned about funds at … [Read more...] about State-owned firms could have wage autonomy
Survey reveals low wages affect 39% of workers
As many as 39% workers have to live in poor condition due to low salaries according to a survey by the Institute of Workers and Trade Unions. Survey reveals low wages affect 39% of workers Vietnam General Confederation of Labour held a meeting about living conditions and basic wages in Hanoi on July 12. At the meeting, the Institute of Workers and Trade Unions and the Department of Labour Relations announced the results of the survey on living conditions conducted in 25 cities and provinces. They collected information about wages, spending and difficulties from 3,008 workers at 150 businesses. According to the survey, the average monthly wage is VND4.67m (USD186). Workers in the construction and transportation sectors had the highest wages of VND4.94m. Textile workers had the lowest wages of VND4.22m. The workers also earn additional salaries from extra shifts and other bonuses which are not calculated in their social insurance. Including the bonuses, workers earn a total … [Read more...] about Survey reveals low wages affect 39% of workers
Vietnam set to increase minimum wages in 2019
Overall, the average increase across the four levels will be 5.3 percent. All members of the National Wage Council (NWC) on Monday voted on the proposal to be submitted to the government. Under the proposal, the minimum monthly wage across four levels will be raised, depending on the area, from $171 to $180 (region 1); $152 to $159 (region 2); $133 to $140 (region 3); and $118 to $125 (region 4). At the same meeting, the Vietnam General Confederation of Labor (VGCL), proposed a minimum increase of 6.1 percent, while the Vietnam Chamber of Commerce and Industry, representing the business owners, proposed a 5.1 percent increase. All sides came to an agreement of a 5.3 percent increase as the final rate so the meeting could move to the voting round. Doan Mau Diep, deputy labor minister and chairman of NWC, said a 5.3 percent increase was reasonable and acceptable. “As the inflation rate is not too high, labor productivity is rising and businesses are facing exchange rate … [Read more...] about Vietnam set to increase minimum wages in 2019
Public officials struggle with basic wage
443112627AM.jpg)
Viet Nam News HÀ NỘI — In a single year, more than 60 public officials and servants working for ward-level agencies of southern Vũng Tàu City have quit their jobs, mostly because they say they aren’t making enough to survive. Their salary has been by up to 40 per cent since the beginning of this year as the local authorities decided to scrap the allowance awarded to ward-level officials who graduated from college or university. Phạm Trọng Khoa, chairman of Ward No. 3’s People’s Committee of Vũng Tàu City, told Thanh Niên (Young People) newspaper that the monthly wage of an official is currently just over VNĐ2.2 million ($96), which is too low and fails to reflect the workload and pressure they have to bear. Two accountants of the Rạch Dừa Ward’s People’s Committee quit their job for the same reason. All ward officials have not received their June salaries due to suspended accounting … [Read more...] about Public officials struggle with basic wage