According to recent government decrees, as of May 1st 2010, minimum wages, pensions as well as social insurance and monthly allowances will be increased.
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| As of May 1, minimum wage will go up to VND80,000 per month |
The Decree No. 28/2010/ND-CP, issued on March 25, 2010, revealed that minimum wage will go up to VND 80,000 ($4.1) or VND730,000 ($37.9) per month which will be taken by state agencies, armed forces, political organisations, socio-political organisations, state owned companies, units and government bodies.
Monthly wage levels, allowances and other benefits will be based on the new minimum wage system.
Financial sources for the minimum wage increase are guaranteed by the State's budget. In addition, the central budget will also support if it’s needed.
Furthermore, pension and social insurance allowances as well as monthly allowances will rise 12.3% applied to 5 following targets: (1) Civil servants, servicemen, police and those who took critical responsibilities that are benefiting from monthly pension. (2) Officials who have retired and benefited from pension and monthly allowances from communes, wards, and towns regulated by Decree No. 92/2009/NĐ-CP issued on October 22, 2009, Decree No. 121/2003/NĐ-CP issued on October 21, 2003 and Decree No. 09/1998/NĐ-CP issued on January 23, 1998. (3) Those who benefit from unemployment allowance, monthly allowance and rubber workers who benefit from monthly allowance. (4) Officials from communes, wards, and towns that benefit from monthly allowances regulated by Decision No. 130/CP issued by Governmental Council on June 20, 1975 and Decision No. 111-HĐBT issued by Ministerial Council on October 13, 1981. (5) Servicemen who benefit from monthly allowances regulated by Decision No. 142/2008/QĐ-TTg on October 27, 2008.
Financial sources for the pension and allowance increase is guaranteed by the state budget and social insurance fund.
