[INSURANCE] ANNOUNCEMENT OF GENERAL MINIMUM WAGE ADJUSTMENT STARTED FROM JULY 2018

Posted: Tuesday July 17th, 2018/Under: News, Insurance/By: Briswell Vietnam Co Ltd
[INSURANCE] ANNOUNCEMENT OF GENERAL MINIMUM WAGE ADJUSTMENT STARTED FROM JULY 2018

Pursuant to Decree No. 72/2018/ ND-CP, from July 01, 2018, the General Minimum Wage (GMW) will be officially increased from VND 1,300,000/ month to VND 1,390,000/ month (increasing 90,000 VND / month).

Accordingly, with the increased GMW, the cap for Social insurance, Health insurance and Maternity allowance (in addition to 6 months of benefit) is as follows:

The cap for social insurance, health insurance (old)

The cap for social insurance, health insurance (new)

1.300.000×20=26.000.000 vnd

The highest contribution level is VND 26,000,000 (as 20 times as the GMW)

1.390.000×20=27.800.000 vnd

The highest contribution level is VND 27,800,000 (as 20 times as the GMW)
The company

Social Insurance (17.5%): 26.000.000×17.5% = 4.550.000 vnd

Health insurance (3%): 26.000.000×3% = 780.000 vnd

 The company

Social Insurance (17.5%): 27.800.000×17.5% = 4.865.000 vnd

Health insurance (3%): 27.800.000×3% = 834.000 vnd
Employee

Social Insurance (8%): 26.000.000×8% = 2.080.000 vnd

Health insurance (1.5%): 26.000.000×1.5% = 390.000 vnd

 Employee

Social Insurance (8%): 27.800.000×8% = 2.224.000 vnd

Health insurance (1.5%): 27.800.000×1.5% = 417.000 vnd
Maternity (supported for 2 months)

1.300.000×2 = 2.600.000 vnd

 Maternity (supported for 2 months)

1.390.000×2 = 2.780.000 vnd

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