Vietnam minimum wage per day Sep 6, 2024 · 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 Mot, Vung Tau): The minimum wage is 4,960,000 VND. 160. . 72) meal allowance to each employee per day. ) VND 18,600 Dec 21, 2023 · When this minimum wage hike comes into effect, it will be the first minimum wage adjustment for Vietnam in two years. Dec 1, 2024 · General Minimum Wages: Per Month data is updated yearly, averaging 450,000. May 26, 2023 · The minimum wage in Myanmar is MMK115,200 ($54. Night Work: Working between 10:00 PM and 6:00 AM is considered night work and may also trigger overtime. 2 million Vietnamese dong. , the maximum social contribution is 20 times the common Jul 31, 2024 · Vietnam’s monthly minimum wage differs across four different regions, depending on the cost of living. The minimum wage in Vietnam is 4. The data reached an all-time high of 1,390,000. Businesses should prepare their budgets given the short notice and incorporate the increased HR costs from July 1 and beyond going forward. The 7% increase was agreed upon by the 6 members of the National Wage Council after two bargaining sessions in 16. 000 VND/month; Region 2 is 4. Uzbekistan. 25 per hour in 2020—the 17th highest in the world, but barely half that of the global leader, Australia. 25 per hour, and one can buy a sandwich (even a banh mi) in the US for around $7. Before implementing a new wage hike, organizations must prepare for and take into account the increase in HR expenses, operational capacity, and costs. 76 full-time worker equivalents per family to obtain Aug 28, 2024 · 3. Vietnam will increase the minimum wage in July 7. Aug 19, 2024 · In Vietnam, the minimum salary varies by region to match the cost of living. Andersen Marcelo Delajara Richard Anker Martha Anker Date: June 01 2024 Aug 19, 2022 · Statutory Minimum Wage per Month. 25 to VND 4. With an average rate of inflation of 3. The minimum wage in Bhutan is BTN3,750 ($45. 36), which varies between regions. This increase is equivalent to a rise of VNĐ180,000-260,000 (US$7. 96 million; Region 2 to VND 4. Employers must also pay a LAK30,000 ($1. The minimum wage in Laos is LAK800,000 ($46. Aug 8, 2023 · According to Decree No. 05 million to VND1. In 2024, the monthly minimum wage in Vietnam reached approximately 4. The monthly minimum wage in 56 major cities is 1,200 ringgit (US$291), whereas the minimum wage in non-urban areas and rural towns is 1,100 ringgit (US$266). 000 VND/month and region 3 is 3. From 1 July 2024, the Vietnamese government sets new minimum wages through Decree 74/2024/ND-CP. The minimum monthly salary is now 4. 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). 71) per Nov 24, 2023 · 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. In accordance with section 91 of the Labour Code 2019, workers' salary must at least be equal to the minimum wage, i. e. Apr 4, 2024 · Staying compliant with Vietnam's minimum wage regulations is crucial for employers in 2024. The monthly minimum wage for Region 1 will rise to VND 4. 86 mil. 000 VND from Dec 1995 (Median) to 2018, with 24 observations. Most countries have a nation-wide minimum wage that all workers must be paid. 640. Minimum Wage Regulations; About the Minimum Wages Database (English) This page is maintained by Mywage. Download the full infographic: Minimum Wage vs. This problem gets many concerns from employees, especially after the increase in basic wage from July 01, 2023. 75 hours per day Dec 5, 2024 · Wage and salary in Vietnam are very dissimilar across occupations and contrast starkly between urban and rural areas. gr and Wageindicator. source: Bank of Thailand Minimum Wages in Thailand is expected to reach 363. Minimum wage. Click the Underlined Region to see more details: Dec 20, 2023 · 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. 00 THB/Day in 1973. 68 million VND/month (according to Take-Profit. 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. 2024 Average Salary in Vietnam. Min wage per hour in the US is $7. Overall, in the period 2022-2015, the minimum wage in Vietnam will increase by a total of 2022%. 2 Minimum wage zones in Vietnam used for setting wages Vietnam is divided by government into 4 regions for minimum wage purposes. 67 THB/Day from 1973 until 2024, reaching an all time high of 363. , 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. 3. At the first session in August discussing the minimum wage in 2024, the National Wage Council agreed to postpone the session. Uzbekistan’s monthly minimum wage is US$90 (UZS 1,155,000 Nov 11, 2024 · Understanding Vietnam’s Minimum Wage. 48 percent. 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 effect May 29, 2024 · Vietnam’s Ministry of Labor, War Invalids, and Social Affairs has drafted a decree to regulate minimum wages for employees working under employment contracts. The job- or position-based salary paid for every working hour to an employee who has fulfilled his/her labor productivity norms or tasks as agreed shall not be lower than the Nov 28, 2019 · Vietnam’s minimum wage hike of 5. Aug 12, 2024 · The new minimum wage in Vietnam, effective July 1, 2024, will impact various social insurance items calculated based on the statutory pay rate. Vietnamese Dong per Month Living Wage Report Mar 6, 2024 · The report stresses the need for continuous progress towards living wage and recommends that member companies: Work with their suppliers to ensure costing and purchase orders cover the new minimum wage in all applicable purchase orders; ensure the updated minimum wages and salary structures are included in costing considerations before July 1 Jul 2, 2024 · On June 30, 2024, the Hanoi issued Decree 74/2024/ND-CP stipulating the minimum wage for employees working under labor contracts. Region II (Ha Long, Ninh Binh, Danang, Nha Trang, Hue, Da Lat, Can Tho, Rach Gia May 15, 2023 · - The statutory minimum wage per hour is the minimum wage used as the basis for any agreement between employers and employees on hourly salary and payment thereof. 41 mil. (Region I: VND 3,500,000 per month; Region II: VND 3,100,000 per month; Region III: VND On January 1, 2020, region-based minimum wages for non-state employees in Vietnam will increase by an average of 5. This came into effect on the 1 January 2023. Average wages in Vietnam rose to VND 6,700,000 monthly, up from VND 6,600,000 in the second quarter. 1. As of 2024, the minimum wage varies by region, ranging from 4. Enterprises defined by the Enterprise Law. It equates to roughly 200 US dollars per month. Dec 9, 2024 · India’s minimum wage is US$2. the living standards would be for workers who would earn a living wage. Nigeria’s minimum wage is one of the lowest in the world, at US$42 (NGN 70,000) per month. 00 THB/Day in 2024 and a record low of 12. (Increased from VND4. Meanwhile, the Philippines also said on July 1 that it will increase the minimum wage in the Metro Manila area to 7 pesos (645 USD) per day, a 11% increase from the current 6 pesos, and this will have effective from July 610. The guide also covers dispute resolution mechanisms and There are two kinds of minimum wages in Vietnam. time of 1. 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. Feb 4, 2017 · In Vietnam, the statutory minimum wage is set per zone as designated by the government. 000 VND from July 1. Since the Anker Methodology is designed to provide useful inputs into Dec 15, 2023 · In the region, Cambodia and Vietnam have almost similar methods and timing of minimum wage increases. Statutory minimum wages per hour for employees in Vietnam under Decree 74/2024/ND-CP the living standards would be for workers who would earn a living wage. 71) per month. 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. From July 1, 2024, the Statutory minimum wages per hour for employees working under labor contracts will change compared to before. See full list on vietnam-briefing. Minimum Wage. These expenses were divided by 1. 5%. ) and other independent countries. 68 mil. Minimum Wages in Vietnam increased to 4960. 86 million; and Region 4 to VND 3. Normally, the minimum wages will be adjusted each year to meet the need of society. Sep 6, 2024 · 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). 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. Purchasing power parity; Manpower absorption levels; and; Median wage variables (the margin between 50 percent of the highest wages and 50 percent from the lowest 50 percent of the lowest wages from employees in the same position). 64 mil. It has replaced the previous Decree 38/2022/ND-CP and has demonstrated the State’s concern for the lives and needs of the majority of workers in today’s society. 2 percent a year between 2012 and 2022, and inflation for the first 11 months of this year pushing 4. Since the Anker Methodology is designed to provide useful inputs into Oct 4, 2024 · Regular Working Hours: The maximum regular working hours are 8 hours per day and 48 hours per week. 91) per month. Basic Salary. 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. Lebanon. Aug 8, 2024 · Starting from July 1, 2024, the basic salary rate is 2,340,000 VND/month. 7 is higher than last year’s hike of 5. A 6% Increase for 2024. Jun 1, 2024 · Living Wage Update Report 2024: Minimum Wage Region 1, Vietnam By Agnes Medinaceli Lykke E. 96 mil. This forms the basis for the wage-setting process for many workers. (As of October 2024) Regional minimum wage rates are the lowest rates an employer can pay his workers. For hazardous jobs, the limit is 6 hours per day. In addition to average salaries, the Vietnam minimum wage is also a crucial metric. ) VND 21,200 Region III VND3. The current What is the Vietnam Minimum Wage? Vietnam's Minimum Wage is the lowest amount a worker can be legally paid for his work. 54 percent while the Consumer Price Index (CPI) in the first ten months of 2019 rose by 2. Dec 1, 2024 · This comprehensive guide delves into employee rights in Vietnam, highlighting key aspects such as minimum wage laws, working hours, leave entitlements, and protections against unfair dismissal. Andersen Marcelo Delajara Richard Anker Martha Anker Date: June 01 2024 Oct 17, 2013 · 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. ) VND 23,800 Region II VND4. Feb 1, 2022 · Current regulations on minimum wages in Vietnam. The minimum wage in Lebanon is LBP675,000 ($44. 45 million VND ($150) a month and differentiated by many factors. Jun 14, 2022 · Vietnam will increase regional minimum wages by approximately 6 percent from July 1, 2022. 68 million VND Apr 12, 2022 · HÀ NỘI — The National Wage Council announced on Tuesday that the regional minimum wage will rise by six per cent from July 1, 2022. Jul 3, 2024 · Mr. 41 million; Region 3 to VND 3. 00 THB/Day by the end of 2024, according to Trading Economics global macro models and analysts Nov 21, 2024 · What is the Minimum Wage in 2024 in the Philippines? The table below shows the daily minimum wage per region in the Philippines for the private sector. Jun 1, 2024 · The living wage estimate for Minimum wage region 3 in Vietnam is available from the Global Living Wage Coalition. com Decree 74/2024/ND-CP regulating the minimum wage for employees working under labor contracts in Vietnam, effective from July 1, 2024. Understanding Regional Variations. The country is divided into four regions, with Region One having the highest minimum wage and Region Four the lowest. 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. The average wage per person in Vietnam is around 3. However, due to the impact of the Covid-19 epidemic, in 2020, 2021, the regional minimum wage does not increase in Vietnam. 15 million per month (US$55 dollars) this month. Nov 12, 2024 · In addition to average salaries, the Vietnam minimum wage is also a crucial metric. Jan 8, 2022 · PDF | On Jan 8, 2022, Lieu Hoang published The Impact of an Increase in Minimum Wage in Vietnam | Find, read and cite all the research you need on ResearchGate Jul 1, 2024 · From June 26 to June 28, 6, more than one million candidates across the country overcame all difficulties to complete the 2024 High School Graduation Exam. Minimum wage per month – Region 4: VND 3,250,000: The minimum wage for non-tipped workers in the United States remains $7. 86-11. Overtime Trigger: Exceeding these limits triggers overtime compensation. The current wages in these regions range from VND 3. 59) per month. However, minimum wages vary depending on skillset, industry, and place of employment. 68 million VND (approximately 190 USD) in high-cost areas like Hanoi and Ho Chi Minh City to 3. Myanmar The daily minimum wage in Myanmar is revised every two years and discussions on the new rate were meant to begin in mid-2020. 27 percent, this may see another wage hike necessary in the not-too-distant future. Zone 1: urban Hanoi and Ho Chi Minh City; Zone 2: rural Hanoi and Ho Chi Minh City plus Da Nang; Zone 3: provincial cities and districts of Bac Ninh, Bac Giang, Hai Duong, Phu Tho, Binh Phuc, and other provinces not listed in Zones 1 and 2 above General minimum wage by territory, as of February 2023. Additionally, labor laws also cover overtime pay and paid leave. Nigeria. General Minimum Wages: Per Month data remains active status in CEIC and is reported by Ministry of Labor. In response, employers will instead increase the number of workers' working days to offset the costs incurred by the minimum wage increase. The hourly minimum wage will also increase by 6%, ranging from VND 16,600 to VND 23,800. The Minimum Wages Order 2022 also set out the minimum wage rates for employees paid on daily or hourly basis, with the hourly minimum Feb 5, 2024 · 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. 25 million VND (130 USD) in rural provinces There are two kinds of minimum wages in Vietnam. The minimum wage depends on the employee’s region: Region I (urban HCMC (Ho Chi Minh City) and Hanoi): 4,420,000 VND/month. org, 2024 Minimum Wages - Greece - Archive Archive from 2019 on. 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. The average inflation rate in 2018 was 3. In this draft, the Ministry proposes a six percent increase in the minimum wage, effective July 1, 2024. Legal documents – Utility to look up legal documents – Law Database 2 days ago · 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. The minimum wage applies to the following subjects (Article 2, Decree 74/2024/ND-CP): Employees working under labor contracts as prescribed by the Labor Code. 3 percent but lower than in 2018 and 2017. , the maximum social contribution is 20 times the common Dec 22, 2022 · Region-based minimum wage levels in 2023. Thus, Filipino Jun 1, 2024 · Living Wage Update 2024: Minimum Wage Region 4, Vietnam By Agnes Medinaceli Lykke E. 68 million. Minimum Wages in Thailand averaged 165. 000 VND in 1996. 38, the minimum monthly salary is being applied from July 1, 7 to the end of December 2022, 30 in 12 regions including: Region 2023 is 4 VND/month; region 1 is 4. (Increased from VND3. It emphasizes the importance of understanding these rights for both employees and employers, promoting a fair and equitable workplace environment. 13 (INR 178) per day or US$64 (INR 5,340) per month. 2. Laos. The increase varies from US$140 to US$202 depending on the living expenses in a particular region. This is a list of the official minimum wage rates of the 193 United Nations member states and former members of the United Nations, also including the following territories and states with limited recognition (Northern Cyprus, Kosovo, etc. Apr 13, 2024 · 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. 680. This page provides - Vietnam Minimum Wages- actual values, historical data, forecast, chart, statistics, economic calendar and news. Apr 23, 2013 · wage country report was estimated at VND 13,310,752 for Minimum Wage Region 1, Vietnam, in November 2022. Like many other economies in the world, the type of jobs firstly d of hours (usually 8 hours per day) in response to a minimum wage increase. Employers in Vietnam are advised to pay attention to the cost impact of the statutory pay rate and the minimum regional wage. Jul 2, 2024 · The government also announces a general minimum monthly wage from time to time – normally once per year – that applies for state employees but is also used to determine the maximum amount of monthly wage on which social insurance or health insurance premiums are based (ie, equal to 20 months’ general minimum wage level). Vietnam's official monthly minimum wage varies by region. 000 VND in 2018 and a record low of 120,000. 80 VND Thousand/Month in 2024 from 4680 VND Thousand/Month in 2023. There has been an increase of the statutory minimum wage per month in Vietnam . Bhutan. 96 million VND in 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. This guide provides a comprehensive overview of the recent increase, regional variations, and key considerations for ensuring you meet your legal obligations. 16 mil. 25. Jun 1, 2024 · Update Report Living Wage Update 2024: Minimum Wage Region 2, Vietnam The Minimum Wages Order 2022 introduced amendments that increased Malaysia’s national minimum wage, for those employed in the private sector, to RM1,500 per month. Poj believes that the new minimum wage will cause Thailand to lose its industrial competitiveness. 000 VND/month. 45 million. Jul 16, 2013 · Vietnam’s general minimum wage rate was increased from VND1. org). bhhy kssyl cgyy kzn rvmwp ajczfz ojkwea asnu skci qytcget