Vietnam: How to determine salaries of corporate managers?

08:26, 10/11/2019

This is a content specified in Circular No. 17/2019/TT-BLDTBXH of the Ministry of Labor, War Invalids and Social Affairs of Vietnam providing guidance on determination of cost of labor constituting prices of public products and services supplied by enterprises with funding from state budget.

XD tien luong cua quan ly DN, Thong tu 17/2019/TT-BLĐTBXH

According to Article 5 of Circular No. 17/2019/TT-BLDTBXH of the Ministry of Labor, War Invalids and Social Affairs of Vietnam, salaries of corporate managers which constitute the price of a public product or service shall be determined by adopting the following formula:

Where:

- Vql: Salaries of corporate managers which constitute the price of a public product or service. For the public product or service for which the cost estimate is being made according to regulations of the Ministry of Construction, salaries paid to managers shall be accounted for in general and administrative expenses.

- m: The number of executive level positions or titles which constitute the price of a public product or service.

- Tqij: Total labor productivity norm-based working days of the executive level position or title j as prescribed by the relevant Ministry or provincial People’s Committee for supplying a public product or service.

- TLcbj: The monthly base salary, subject to the corporation or company’s rank, of holders of the executive level position or title j, which is prescribed by the relevant Ministry or provincial People’s Committee and shall not be higher than the base salaries in Section IV of the Appendix enclosed herewith.

Other provisions can be found in Circular No. 17/2019/TT-BLDTBXH of the Ministry of Labor, War Invalids and Social Affairs of Vietnam, which takes effect from December 21, 2019.

Thu Ba

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