Holiday bonuses to shine even amidst financial crisis

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Báo Đầu Tư English - 60 month(s) ago  readings

Holiday bonuses to shine even amidst financial crisis

Vietnamese workers are expecting positive bonuses for the Lunar New Year, despite local employers claiming their businesses had been badly hit by the global financial crisis throughout 2009.

Tet bonuses are expected to go up by nearly 20 per cent this year According to the Ministry of Labour, Invalids and Social Affairs (MoLISA), throughout the nation, Tet bonuses, also known as thirteenth-month salaries, for the coming holidays in February will rise almost 20 per cent from the previous year’s average of VND1.55 million ($83.7).

Local workers at state-owned firms can expect averaged bonuses of VND2.2 million ($118.9), while workers at foreign-invested enterprises (FIEs) will see an average of VND1.9 million ($102.7) and VND1.4 million ($75.6) will go to workers at private domestic enterprises.

Tong Thi Minh, chief of the MoLISA’s Salary Department, said at a press meeting last week that such bonuses for local workers were significantly impressive, at a time when employers in Vietnam had forecast low earnings for their businesses in 2009.

“However, gaps between bonuses for local workers at different enterprises and different sectors are growing much bigger, which is something we don’t wish to see,” said Minh.

Reports indicated that the largest bonus for employees at state-owned enterprises (SOEs) would be around VND99.7 million ($5,389), and the lowest around VND100,000 ($5.4), while respective levels for FIE workers would be VND389 million ($21,027) and VND50,000 ($2.7), and for private domestic enterprise workers the figures would be VND185 million ($10,000) and VND30,000 ($1.6).

Ba Ria-Vung Tau, Ho Chi Minh City, Khanh Hoa, Danang and Hanoi will see their workers across all sectors receiving the best Tet holiday bonuses. “2009 has also seen average salaries of local workers rise, while the country’s job redundancies have been curbed at the lowest level, despite the economic downturn,” said Minh.

Vietnam’s economy grew 5.32 per cent in 2009, slightly lower than 2008’s rate of 6.23 per cent. MoLISA figures showed Vietnamese workers’ average monthly salary rose 10.08 per cent last year, reaching VND2.84 million ($153.5).

Following this, the average monthly salary of local workers at SOEs in 2009 rose by 7.37 per cent to VND3.35 million ($181), at FIEs by 9.96 per cent to VND2.65 million ($143.2) and at private domestic enterprises by 10.8 per cent to VND2.05 million ($120.8).

The highest salary of SOE employees was reported at VND40.5 million ($2,189) per month, FIEs’ local employees at VND208 million ($11,243) per month and private domestic enterprises’ at VND216.1 million ($11,681) per month.

Minh said that the MoLISA was working on a plan to publicise local salaries from different sectors and industries so that employers could references such information to develop their payrolls.

MoLISA figures showed that more than 47 million Vietnamese people were employed last year, with 87.2 per cent of those working for private domestic enterprises, 9.1 per cent for SOEs and 3.7 per cent for FIEs.

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