[INSURANCE] ANNOUNCEMENT OF GENERAL MINIMUM WAGE ADJUSTMENT STARTED FROM JULY 2019
2019/06/05news
Created by:briswell vietnam co ltd
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Pursuant to Decree No. 38/2019/ ND-CP, from July 01, 2019, the General Minimum Wage (GMW) will be officially increased from VND 1,390,000/ month to VND 1,490,000/ month (increasing 100,000 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) |
|---|---|
| 1.390.000x20=27.800.000 vnd The highest contribution level is VND 27,800,000 (as 20 times as the GMW) | 1.490.000x20=29.800.000 vnd The highest contribution level is VND 29,800,000 (as 20 times as the GMW) |
| The company Social Insurance (17.5%): 27.800.000x17.5% = 4.865.000 vnd Health insurance (3%): 27.800.000x3% = 834.000 vnd | The company Social Insurance (17.5%): 29.800.000x17.5% = 5.215.000 vnd Health insurance (3%): 29.800.000x3% = 894.000 vnd |
| Employee Social Insurance (8%): 27.800.000x8% = 2.224.000 vnd Health insurance (1.5%): 27.800.000x1.5% = 417.000 vnd | Employee Social Insurance (8%): 29.800.000x8% = 2.384.000 vnd Health insurance (1.5%): 29.800.000x1.5% = 447.000 vnd |
| Maternity (supported for 2 months) 1.390.000x2 = 2.780.000 vnd | Maternity (supported for 2 months) 1.490.000x2 = 2.980.000 vnd |