Vietnam to prioritize 2022 expenditure budget for raising basic salaries
The basic salary is set to go up from VND1.49 million ($65.46) per month to VND1.6 million ($70.17) from July 2022.
The State expenditure budget 2022 would prioritize raising basic salaries, which is part of Vietnam’s finance-budget plan for the 2022-2024 period and the five-year national finance plan 2021-2025.
|The Government is tasked with raising pension and basic salary from July 1, 2022. Photo: Chien Cong|
The information was revealed in resolution No.01 on principles of State budget allocations in 2022 recently signed off by Chairman of the National Assembly (NA) Vuong Dinh Hue.
The resolution also urged the Government to allocate sufficient funds for the wage reform process, set to begin in July 2022.
The Central Committee of the Communist Party of Vietnam in May 2018 issued resolution No.27 calling for raising the basic salary to VND1.6 million (US$70.17) per month since July 1, 2020, from the current VND1.49 million ($65.46). The Government, however, proposed to delay the deadline as the Covid-19 pandemic continues to wreak havoc on the economy.
On July 28, the NA issued a resolution on finance plan and debt payment in 2021-2025 that requests the Government to focus financial resources for raising pension and basic salary from July 1, 2022.
At a meeting with the NA’s Standing Committee in mid-August, Minister of Finance Ho Duc Phoc said the Government is ready to raise the minimum salary next July as localities have set aside VND252 trillion ($11 billion) for this purpose.
Resolution N.01 also expected the Government to step up efficiency in the use of the State budget by gradually cutting regular spending and saving non-essential expenditure, including those for meetings, conferences, or foreign trips.
“The allocation of State budget should ensure transparency and simplicity to ensure fairness, publicity and in compliance with international practices,” it added.
The basic salary is used for calculating the final salaries, allowances, and other payments for public officials and employees working at State agencies from commune-level to the central level; civil servants working at public socio-political organizations; and the armed forces. It will also be used to calculate operating and living allowances and other deductions and entitlements.
The retirement pension will also be adjusted based on the new basic salary.
- Vietnam's first debt trading platform to start operation on October 15
- Vietnam's credit growth expands by 7.42% despite Covid-19 impacts
- Nearly 115,000 new securities accounts opened in September
- Government bonds reverse Vietnam's dependence on foreign loans
- Gov't likely to kick start Mobile Money this month
- Vn-Index set to go sideways this week
- Vn-Index set to hover around 1,350-mark this week
- Banks foregone over $1 billion in profit to support businesses during Covid-19 outbreaks
- Vn-Index set to maintain positive trend to reach 1,380 this week
- Vietnam to prioritize 2022 expenditure budget for raising basic salaries
Vietnam regains its position as most ideal investment location: foreign expert
Hanoi tourism adapts to new situation
Hanoi painter finds her passion through fabric-based creations
Hanoi exerts efforts to reopen the economy and adapt to a new normalcy
"Plastic-19 Lockdown" Challenge launched
US$30 million climate change adaptation project launched in Vietnam
Vietnam starts Covid-19 vaccine administration for children aged 12-17
Live Fully in Viet Nam campaign to kick-off inbound tourism
Vietnam – example in telecom infrastructure development: ITU