Increasing the common minimum wage from 01st july, 2018
The current common minimum wage applied is 1,300,000, effect from 01st July, 2017 under the Resolution No.27/2016/QH14 on state budget estimate in 2017 and the Decree No.47/2017/NĐ-CP providing for the basic wage level for cadres, civil servants, public employees and armed forces. Recently, the National Assembly has approved the Resolution on state budget estimate in 2018 where National Assembly decided to increase the common minimum wage from 1,300,000 VND/month to 1,390,000VND/month which is going to take effect from 01st July, 2018 (increasing 90,000 VND/month from the current common minimum wage).
Relating to adjustment of the common minimum wage, the maximum salary and contribution rate to Social Insurance and Health Insurance will be risen as follows:
|Maximum salary||Social Insurance||Health Insurance|
|26,000,000 (applied from 01st July 2017 to 30th June 2018)||2,080,000||4,550,000||390,000||780,000|
|27,800,000 (applied from 01st July 2018)||2,224,000||4,865,000||417,000||834,000|
|Total of different amount||459,000||81,000|
The new common minimum wage will be applicable from 1st July, 2018.
Click here for detailing of Resolution 27/2016/QH14