Tet bonus in 2021: New changes that enterprises and employees in Vietnam need to know

09:10, 30/11/2020

Tet bonus is an issue that many employees eagerly await after a year of devoting themselves to the company. However, according to the Labor Code 2019 of Vietnam officially effective from January 01, 2021, the 2021 Tet bonus will have noticeable changes that businesses and employees need to know.

Vietnam: Many enterprise shall give Tet bonuses in 2021 in forms of properties or spirit

Thưởng tết 2021, Bộ luật Lao động 2019

According to the Labor Code 2019 of Vietnam effective from January 01, 2021, a bonus means an amount of money, a piece of property or item that is provided by an employer for his/her employees on the basis of the business performance or the employees’ performance.

Thus, from 2021, Tet bonuses are not only money but also property and other forms. The Labor Code 2019 of Vietnam does not detail this content, accordingly, businesses can refer to the following forms of Tet bonus in 2021:

1. Bonus money.

2. Gifting and rewarding assets: Enterprises can give products and services available in the enterprise or practical assets with the needs of employees.

3. Mental bonus: This is also a Tet bonus that makes employees feel warmer after a year of working with the company to overcome difficulties.

However, regardless of the form of Tet bonus in 2021, enterprises also need to pay attention to publicly announce the bonus regulation at the workplace after consultation with the representative organization of employees (if any).

2020 is a year full of difficulties, challenges and thorns for many businesses. Although the law stipulates that Tet bonuses are not mandatory, it is clear that the 2021 Tet bonus has a great influence on the workforce and corporate culture. Therefore, depending on the business situation of the year, businesses may consider giving the 2021 Tet bonus policy accordingly.

Hai Thanh

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