[INSURANCE] ANNOUNCEMENT OF GENERAL MINIMUM WAGE ADJUSTMENT STARTED FROM JULY 2020
2020/01/15news
Created by:briswell vietnam co ltd
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Pursuant to Resolution No. 86/2019/ QH14, from July 01, 2020, the General Minimum Wage (GMW) will be officially increased from VND 1,490,000/ month to VND 1,600,000/ month (increasing 110,000 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) |
|---|---|
| 1.490.000 x 20 = 29.800.000 VND The highest contribution level is 29.800.000 VND (as 20 times as the GMW) | 1.600.000 x 20 = 32.000.000 VND The highest contribution level is 32.000.000 VND (as 20 times as the GMW) |
| The company: Social Insurance (17.5%): 29.800.000 x 17.5% = 5.215.000 VND Health Insurance (3%): 29.800.000 x 3% = 894.000 VND | The company: Social Insurance (17.5%): 32.000.000 x 17.5% = 5.215.000 VND Health Insurance (3%): 32.000.000 x 3% = 894.000 VND |
| Employee: Social Insurance (8%): 29.800.000 x 8% = 2.384.000 VND Health Insurance (1.5%): 29.800.000 x 1.5% = 447.000 VND | Employee: Social Insurance (8%): 32.000.000 x 8% = 2.384.000 VND Health Insurance (1.5%): 32.000.000 x 1.5% = 447.000 VND |
| Maternity (supported for 2 months) 1.490.000 x 2 = 2.980.000 VND | Maternity (supported for 2 months) 1.600.000 x 2 = 3.200.000 VND |