[Labor] Proposal by the National Wage Council to raise the minimum wage by 6% from July 2024
On the morning of December 20th, the National Wage Council agreed on a regional minimum wage adjustment plan for 2024 and submitted it to the government. This plan proposes to increase the monthly regional minimum wage by 6% from July 1, 2024 as follows:
-Region I: 4,680,000VND/month to 4,960,000VND/month
-Region II: 4,160,000VND/month to 4,410,000VND/month
-Region III: 3,640,000VND/month to 3,860,000VND/month
-Region IV: 3,250,000VND/month to 3,450,000VND/month
If a decision is made to raise the regional minimum wage, each company needs to keep the following points in mind;
-Check whether the minimum wage in the company’s wage table is lower than the regional minimum wage, and make corrections if necessary.
-Check whether the salary in the labor contract is lower than the local minimum wage, and if necessary, increase the salary in the labor contract after consulting with the employee.
-Update the maximum monthly salary (20 times the local minimum wage) when calculating unemployment insurance.
If the government releases an official decree regarding regional minimum wages, we will share the information again in our newsletter.