On June 30, the Government issued Decree No. 74/2024/ND-CP stipulating the minimum monthly salary for employees working under labor contracts. Additionally, according to Decision No. 595/QD-BHXH in the year 2017: "The basic monthly salary for compulsory social insurance contribution specified in this Clause shall not be lower than the minimum monthly salary by region at the time of contribution for employees performing the simplest jobs or titles under normal working conditions." Accordingly, the adjustment of the minimum monthly salary by region will change the basic monthly salary for compulsory social insurance contribution for employees from July 1, 2024.
=> See more: What types of allowances are there in the new salary regime from july 1,2024
Photo 1. Increase in Minimum Monthly Salary by Region, Basic Monthly Salary for Compulsory Social Insurance Contribution from July 1, 2024 _ Hotline: 0969760195
Pursuant to the provisions of Decree No. 74/2024/ND-CP, the new minimum monthly salary by region for employees, applicable from July 1, 2024, is specified as follows:
|
Region |
The Basic Monthly Salary (Unit: Vnd/month) |
The Basic Hour Salary (Unit: Vnd/hour) |
|
Region I |
4.960.000 |
23.800 |
|
Region II |
4.410.000 |
21.200 |
|
Region III |
3.860.000 |
18.600 |
|
Region IV |
3.450.000 |
16.600 |
Additionally, according to Decision No. 595/QD-BHXH of 2017, the basic monthly salary for compulsory social insurance contribution shall not be lower than the minimum monthly salary by region at the time of contribution for employees performing the simplest jobs or titles under normal working conditions.
Accordingly, if the minimum monthly and hourly salaries for employees working for employers by region increase by 6%, the basic monthly salary for compulsory social insurance contribution from July 1, 2024, is:
|
Region |
The Basic Salary for Compulsory Social Insurance Contribution (Unit: Vnd) |
|
Region I |
4.960.000 |
|
Region II |
4.410.000 |
|
Region III |
3.860.000 |
|
Region IV |
3.450.000 |
Thus, from July 1, 2024, when the minimum monthly salary and minimum hourly salary for employees working for employers by region increase by 6%, ranging from 200,000 to 280,000 VND/month compared to the current salary, the basic monthly salary for compulsory social insurance contribution will be adjusted to not be lower than the minimum monthly salary by region.
=> See more: Increase regional minimum wage in 2024 by 6% from July 1, 2024? What is the highest regional minimum wage?
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