The Ministry of Labor, Invalids and Social Affairs proposed to adjust the minimum wage to increase by an average of 6% compared to the current level to apply from July 1, 2024.
After receiving comments from the Ministry of Justice , the Ministry of Labor, Invalids and Social Affairs has submitted a draft Decree regulating the minimum wage for employees working under labor contracts to the Government.
In the submission to the Government , the Ministry of Labor, Invalids and Social Affairs proposed to adjust the minimum wage to increase by an average of 6% compared to the current level to be applied from July 1, 2024 (as the National Wage Council unanimously recommended to the Government in report No. 02/BC-HDTLQG dated February 12, 2024).
Regarding minimum wages, the draft stipulates that monthly and hourly minimum wages will be adjusted to increase by an average of 6% compared to current levels.
Specifically: The minimum monthly wage in region I is 4,960,000 VND/month, region II is 4,410,000 VND/month, region III is 3,860,000 VND/month, region IV is 3,450,000 VND/month; the minimum hourly wage in region I is 23,800 VND/hour, region II is 21,200 VND/hour, region III is 18,600 VND/hour, region IV is 16,600 VND/hour.
According to the Ministry of Labor, Invalids and Social Affairs, the above adjustment level is calculated based on actual factors as prescribed by the Labor Code, including: Minimum living standards of workers and their families; economic factors, labor market (economic growth, labor productivity, consumer prices, labor situation, employment); factors on market wages and business capacity (wages, average income of workers, business development situation and business trends, production, orders).
Through assessment, the expected minimum wage is higher than the expected minimum living standard of workers by the end of 2024 and basically ensures the minimum living standard of 2025; has a balance with the average wage in the labor market and is consistent with international practice.
100% of members of the National Wage Council agreed and recommended the Government to adjust to this level.
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