According to the summary report on the implementation of Decree No. 74/2024/ND-CP regulating the minimum wage for employees, the Ministry of Home Affairs said that from July 1, 2024, the Government has announced the minimum monthly salary and minimum hourly salary.
The adjustment of the minimum wage on July 1, 2024 is placed in the context of the economy and society after going through the most difficult period of the COVID-19 pandemic and starting to shift to a state of good recovery and with many improvements.
The adjustment levels have been calculated to share and harmonize the interests of workers and businesses, both improving the lives of workers and ensuring the maintenance, recovery and development of business production and business of businesses.
In particular, at the time of developing the above plan, the adjusted monthly minimum wage increased by an average of 6% compared to 2023, with the expected assurance and about 2% higher than the minimum living standard of workers by the end of 2024 to improve workers and is expected to basically ensure the minimum living standard in 2025.
According to the report of the People's Committees of provinces/cities, all enterprises have seriously implemented the Government's regulations on the minimum wage.
Most enterprises with the lowest salary that enterprises actually pay to employees is higher than the minimum wage announced by the Government.
Adjusting the minimum wage has a positive impact on workers, ensuring the lives of workers are improved.
According to the results of the survey on the labor and salary situation in enterprises in 2024, the Ministry of Home Affairs said that 22.04% of enterprises only adjusted the salary scale and table (used to participate in social insurance); 45.25% of enterprises adjusted both the salary scale and the actual salary level paid to employees;
5.27% of enterprises have adjusted their salaries and 27.29% of enterprises have not adjusted their salaries (due to salaries higher than the regional minimum wage).
Among enterprises adjusting the salary scale and table (72.71%)%, 68.93% of enterprises adjusted salaries for all employees with an average increase of 6.71%;
24.83% of enterprises only adjusted for employees with salaries lower than the minimum wage, with the adjustment increasing by 6.43%.
In general, most enterprises comply with regulations on minimum wages and the lowest wages paid to employees who work full working days in a month, which is higher than the minimum wage prescribed by the Government of 22-42% depending on each region.
Regarding the implementation of the minimum hourly wage, reports to the People's Committees of provinces and cities show that the issuance of the minimum hourly wage is highly appreciated by enterprises, basically not having much impact on the labor relations situation in enterprises, as well as salary payment in the market.
Applying the minimum hourly wage also does not change the salary payment policy for businesses that do not convert the form of monthly salary payment to hourly payment or vice versa.
