New Text Notification

Determination and advance of salary budget for the Cooperative Development Support Fund in Vietnam

Nguyễn Thị Diễm My

09:50, 11/07/2022

On June 30, 2022, the Minister of Labour, Invalids and Social Affairs of Vietnam issued Circular 13/2022/TT-BLDTBXH on instructions for labor management, salary, remuneration and bonus for the Cooperative Development Support Fund.

Vietnam's Circular 13/2022/TT-BLDTBXH specifies labor management, salary budget determination, advance salary budget, and salary and bonus distribution in Vietnam as follows:

- The fund performs labor management, determines the planned salary budget, the implemented salary fund, advances and distributes wages and bonuses to employees according to the reuglations of Vietnam's Circular 26/2016/TT- BLDTBXH as follows:

+ Section 2 (Labor management);

+ Article 9 (Planned average salary);

+ Article 10 (Planned salary budget);

+ Article 13 (Advance salary and pay rate);

+ Section 4 (Determination of salary budget alloted and apportionment of remunerations).

- When determining the planned average salary, the average salary used to calculate the planned salary budget and the salary budget must follow the regulations of Articles 9 and 14 of Vietnam's Circular 26/2016/TT-BLDTBXH then:

Profit target (planned profit, realized profit in the year and realized profit of the preceding year) is calculated by the indicator of the difference between total income and total expenses (hereinafter referred as: difference between revenue and expenditure) of the Fund.

The determination of the difference between revenue and expenditure shall follow the guidance of the Ministry of Finance of Vietnam.

See more at Circular 13/2022/TT-BLDTBXH effective from August 15, 2022.

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