Monday , June 17 2024

Top Tet bonus slides to $42K this year

In the 22 cities and provinces that have announced Lunar New Year bonuses for their employees so far, the highest is VND1 billion (US$42,350) by a business in Da Nang.

The industrial province of Binh Duong has announced the second highest rate (VND896 million) followed by Ho Chi Minh City (VND756 million).

The top amount paid in Da Nang last year was VND1.43 billion and in HCMC it was VND1.3 billion.

In HCMC, Vietnam’s biggest city, the average bonus will increase by 45% from last year: from VND8.88 million to almost VND13 million.

The northern Bac Giang Province and north-central Thanh Hoa Province will have the lowest bonuses of VND50,000.

In the second half of this year, hit by the global economic meltdown, companies in industries such as woodwork and textiles have lost orders and therefore Tet bonuses are set to shrink.

The food and non-discretionary sectors have been less affected.

Southern provinces with a large number of workers such as Binh Duong and Dong Nai will also see a decrease in bonuses in most sectors.

The Tet bonus was announced by each locality based on data reported by certain number of businesses in their area and so far, not all businesses have submitted their reports.

Tet bonuses are not compulsory and depend on the situation of each company.

The Ministry of Labor, War Invalids and Social Affairs has called on all localities to report their wage and Tet bonus situation before December 25.

Vietnam will enjoy a one-week Tet break from January 20 to 26.

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