GLOBAL PAYROLL MAGAZINE
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On July 1 in Vietnam, a new minimum wage came into effect. The wage will have an impact on social insurance items calculated based on the statutory pay rate. Employers in Vietnam are advised to pay attention to the cost impact of the statutory pay rate and the minimum regional wage. The Vietnamese government issued Decree 73/2024/ND-CP regarding the new basic salary and Decree 74/2024/ ND-CP concerning new minimum salaries on June 30. Both took effect on July 1, 2024. Capped salaries used to calculate contributions for social insurance, health insurance and unemployment insurance will increase accordingly. Vietnam Briefing from Dezan Shira and Associates has further details about the change.
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