I. Minimum Regional Wages from July 1, 2024

On June 30, the Government issued Decree 74/2024/ND-CP, increasing the minimum monthly and hourly wages by 6%, based on a proposal from the Ministry of Labour, Invalids, and Social Affairs.

Decree 74/2024/ND-CP stipulates the minimum regional wages for employees working under labor contracts as follows:

The adjustment of the new minimum regional wages from July 1, 2024, is as follows:

• The lowest increase is 200,000 VND/month, corresponding to the increase in Region IV.
• The highest increase is 280,000 VND/month, corresponding to the increase in Region I.
• The increase in Region II is 250,000 VND/month.
• The increase in Region III is 220,000 VND/month.
  Accordingly, the minimum regional wages applied from July 1, 2024, will increase from 200,000 VND to 280,000 VND.

II. How will the maximum unemployment benefit be calculated from July 1, 2024, based on the minimum monthly wage?

The monthly unemployment benefit is 60% of the average wage of the last 6 months of unemployment insurance contributions, but not exceeding 5 times the minimum regional wage set by the Government in the last month of insurance contributions.

III. What is the maximum monthly wage for compulsory social insurance contributions from July 1, 2024?

According to Article 89 of the 2014 Social Insurance Law, the monthly wage for compulsory social insurance contributions is as follows:

• Workers under the wage system defined by the State will have their social insurance contributions based on their rank, level, military rank, and allowances for positions, seniority, and professional experience (if applicable). People performing non-professional tasks in communes, wards, and towns will have their social insurance contributions based on the basic wage.
• For workers contributing to social insurance under a wage system defined by the employer, the social insurance contributions will be based on the salary and wage allowances as defined by labor law. The monthly wage for social insurance contributions includes the wage, wage allowances, and any other supplements as per labor law.
• In case the monthly wage specified is higher than 20 times the basic wage, the monthly wage for social insurance contributions will be 20 times the basic wage.

Thus, the maximum monthly wage for compulsory social insurance contributions is 20 times the basic wage.

Additionally, according to Article 3 of Decree 73/2024/ND-CP, the basic wage from July 1, 2024, is 2,340,000 VND/month.

Therefore, the maximum monthly wage for compulsory social insurance contributions from July 1, 2024, is 46,800,000 VND/month.

IV. About Us, Hankuk Law Firm

■ Hankuk Law Firm – Introduction

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To protect the legitimate rights and interests of our clients and achieve the best results, we provide legal advice and participate in civil lawsuits related to business, labor, marriage, family, and inheritance.

■ Contact us now

For reliable and effective legal advice, please contact HANKUK LAW FIRM now. We are committed to providing you with the best possible answers and our team of experienced lawyers has extensive knowledge in many legal fields. We are always here to provide the most competent and dedicated support, whether you are dealing with contractual issues, commercial disputes or need guidance on foreign investment. HANKUK LAW FIRM is honored to have assisted hundreds of domestic and international clients in skillfully resolving complex legal issues as their trusted legal partner. Do not let legal issues hinder your success. Let us accompany you towards legal achievement and comfort. For prompt guidance and support to ensure your rights are always maintained at the highest standards, contact HANKUK LAW FIRM now.

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