New Text Notification

Guidance on employee salary management of Vietnam Deposit Insurance

08:08, 14/11/2016

On October 25, 2016, the Ministry of Labor - Invalids and Social Affairs of Vietnam issued Circular No. 32/2016/TT-BLĐTBXH on guidelines for the management of employees and remunerations in Deposit Insurance of Vietnam.

According to Circular No. 32/2016/TT-BLĐTBXH of the Ministry of Labor - Invalids and Social Affairs of Vietnam, the management of employees' salaries is carried out according to Part 2; Article 9, Article 10, Article 13, Part 3 and Part 4 of Circular No. 26/2016/TT-BLĐTBXH;

Besides, the Deposit Insurance of Vietnam shall specify the average labor output and profit in the following manner upon planning the average salary level and salary budget and defining the salary budget attained:

- The average labor output shall be based on the total turnover minus the salary-excluded total expenses according to the guidelines annexed to Circular No. 26/2016/TT-BLĐTBXH.

- Profit is replaced by the total turnover minus total expenses.

Circular No. 32/2016/TT-BLĐTBXH of the Ministry of Labor - Invalids and Social Affairs of Vietnam takes effect from December 10, 2016. The regimes specified in this Circular apply from January 01, 2016.

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