What are regulations on adjustment of monthly income subject to social insurance contribution in Vietnam?

20:37, 11/07/2024

Circular 32/2017/TT-BLDTBXH was issued by the Ministry of Labor, War Invalids and Social Affairs of Vietnam on the adjustment levels for monthly salaries and incomes subject to social insurance contribution in Vietnam. This is the first Circular to provide detailed regulations on this issue.

According to Circular 32, the monthly income subject to social insurance (SI) contributions for individuals in Vietnam, which is specified in Clause 2, Article 1 of Circular 32, is adjusted according to the following formula:

Adjusted voluntary SI monthly income of each year	=	Total voluntary SI monthly income of each year	x	Monthly income adjustment rate of the corresponding year

Additionally, Circular 32 also stipulates the monthly income adjustment rates in Vietnam as follows:

Year	2008	2009	2010	2011	2012	2013
Adjustment Rate	1.79	1.68	1.54	1.30	1.19	1.11
Year	2014	2015	2016	2017	2018
Adjustment Rate	1.07	1.06	1.04	1.00	1.00

Note: For employees who have both mandatory and voluntary SI contribution periods, the voluntary SI monthly income is adjusted according to the above regulations, while the monthly income subject to mandatory SI contributions is adjusted according to the provisions of Article 10 of Decree 115/2015/ND-CP and Article 2 of Circular 32.

Refer to further related regulations in Circular 32/2017/TT-BLDTBXH effective from February 15, 2018.

- Thanh Lam -

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

0 lượt xem

- This translation is generated by OpenAI's GPT-4o model;
- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn