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Regulations on minimum wages for employees under labor contracts from July 1, 2024
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Decree No. 74/2024/NĐ-CP stipulates the minimum wage levels for employees working under labor contracts, replacing Decree No. 38/2022/NĐ-CP dated June 12, 2022, effective from July 1, 2024.
1. The regional minimum wages in 2024 before July 1
The regional minimum wages for the period before July 1, 2024, are the same as regional minimum wages in 2023 (according to Decree No. 38/2022/NĐ-CP dated June 12, 2022) as follows:
Table of regional minimum wages applicable from January 1, 2024, to June 30, 2024:
Region | Minimum wage per month (VND) | Minimum wage per hour (VND) |
I | 4,680,000 | 22,500 |
II | 4,160,000 | 20,000 |
III | 3,640,000 | 17,500 |
IV | 3,250,000 | 15,600 |
2. The regional minimum wages in 2024 from July 1
The regional minimum wages from July 1, 2024, after a 6% adjustment are as follows:
Table of regional minimum wages applicable from July 1, 2024, to June 30, 2024:
The regional minimum wages from July 1, 2024, after a 6% adjustment are as follows:
Region | Minimum wage per month (VND) | Minimum wage per hour (VND) |
I | 4,960,000 | 23,800 |
II | 4,410,000 | 21,200 |
III | 3,860,000 | 18,600 |
IV | 3,450,000 | 16,600 |
Entities subject to the minimum wage levels include:
1. Employees working under labor contracts as stipulated by the Labor Code.
2. Employers as stipulated by the Labor Code, including:
a) Enterprises as defined by the Enterprise Law.
b) Agencies, organizations, cooperatives, households, individuals engaging hired labor under agreements; in the case of individual employers, they must possess full civil act capacity.
3. Other relevant agencies, organizations, and individuals involved in implementing the minimum wage levels specified in this Decree.
The above information are the regional minimum wages levels for 2024, serving as the basis for enterprises and employees to negotiate wages, depending on qualifications, skills, and mutual needs. The negotiated wage may exceed the regional minimum wages level.
Reference Source:
Decree No. 74/2024 dated June 30, 2024, effective from July 1, 2024
Decree No. 38/2022/ND-CP dated June 12, 2022
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