[INSURANCE] ANNOUNCEMENT OF GENERAL MINIMUM WAGE ADJUSTMENT STARTED FROM JULY 2018
2018/07/17news
Created by:briswell vietnam co ltd
![[INSURANCE] ANNOUNCEMENT OF GENERAL MINIMUM WAGE ADJUSTMENT STARTED FROM JULY 2018](https://s3-ap-southeast-1.amazonaws.com/homepage-media/wp-content/uploads/2018/07/05095906/17121703798_c3be57bae8_b.jpg)
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 x 20 = 26.000.000 VND The highest contribution level is 26.000.000 VND (as 20 times as the GMW) | 1.390.000 x 20 = 27.800.000 VND The highest contribution level is 27.800.000 VND (as 20 times as the GMW) |
| The company Social Insurance (17.5%): 26.000.000 x 17.5% = 4.550.000 VND Health Insurance (3%): 26.000.000 x 3% = 780.000 VND | The company Social Insurance (17.5%): 27.800.000 x 17.5% = 4.865.000 VND Health Insurance (3%): 27.800.000 x 3% = 834.000 VND |
| Employee Social Insurance (8%): 26.000.000 x 8% = 2.080.000 VND Health Insurance (1.5%): 26.000.000 x 1.5% = 390.000 VND | Employee Social Insurance (8%): 27.800.000 x 8% = 2.224.000 VND Health Insurance (1.5%): 27.800.000 x 1.5% = 417.000 VND |
| Maternity (supported for 2 months) 1.300.000 x 2 = 2.600.000 VND | Maternity (supported for 2 months) 1.390.000 x 2 = 2.780.000 VND |