Vietnam: Method for determining the actual wage fund of Viettel Group

20:53, 10/07/2024

Here are the key contents stipulated in Circular 33/2016/TT-BLDTBXH providing guidance on the pilot implementation of labor and wage management for Viettel Group for the period 2016-2020.

According to Circular 33/2016/TT-BLDTBXH, the annual wage fund of the Parent Company - Viettel Group is determined as follows:

V_thdg = Vd_god x C_th

In which:

- V_thdg: Actual wage fund.

- Vd_god: Fixed wage unit price assigned as stipulated in Clause 1, Article 7 of Circular 33/2016/TT-BLDTBXH.

- C_th: Total revenue minus total costs excluding actual wages.

Additionally, Circular 33/2016/TT-BLDTBXH also stipulates the objective factors to determine the actual wage fund as follows:

- When determining the actual wage fund, the Parent Company

- Viettel Group is allowed to exclude objective factors affecting productivity and actual profits according to Clause 4, Article 5 of Decree 121/2016/ND-CP.

- When determining the actual wage fund, if there are objective factors that increase or decrease labor productivity and actual profits, the company must calculate and quantify these factors specifically to deduct the part of the objective factor that increases labor productivity and profits or add the part of the objective factor that decreases labor productivity and profits.

See the full text of the regulation at Circular 33/2016/TT-BLDTBXH effective from December 10, 2016.

- Thanh Lam -

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