Hanoi: The National Wage Council has proposed to the Government a 6% increase in the regional minimum wage, equivalent to 238,000 VND per month on average, starting from July 1.
The increase, which was agreed by all 16 members of the council after two negotiation sessions in 2023, was suggested in the context that more than 18,300 new businesses were established and return to the market each month, and the number of orders rose quarter by quarter.
According to the proposal, the wage will be lifted to 4.96 million VND (203.42 USD) per month in Region 1; 4.41 million VND in Region 2; 3.86 million VND in Region 3 and 3.45 million VND in Region 4.
Region 1 covers the urban areas of Hanoi and Ho Chi Minh City; Region 2 encompasses the rural areas of Hanoi and HCM City, along with major urban areas in the country such as Can Tho, Da Nang and Hai Phong; Region 3 covers provincial cities and the districts of Bac Ninh, Bac Giang and Hai Duong provinces; and Region 4 comprises the rest of the country.
Currently, th
e wage varies from 3.25 – 4.68 million VND per month depending on regions. Meanwhile, with the 6% rise, the minimum hourly wage will reach 16,600 – 23,800 VND.
Once approved, this will be the second time in four years that the regional minimum wage has increased in early July, after an adjustment on July 1, 2022 due to the impact of the COVID-19 pandemic. As a practice over the past 10 years, the regional minimum wage usually increases on January 1.
Deputy Minister of Labour, Invalids and Social Affairs Le Van Thanh, who is also Chairman of the National Wage Council, said that the 6% rise is a harmonious level, showing the sharing of difficulties between employees and employers.
The increase date proposed by the council is from July 1, which coincides with the time for the implementation of wage reform in the State sector, providing time for businesses to prepare plans and resources for the scheme, he said./.
Source: Vietnam News Agency
MANILA: The government is committed to addressing economic challenges to sustain the country’s growth momentum, President Ferdinand R. Marcos Jr. said Tuesday as he welcomed the further drop in commodity prices.
In a statement, Marcos welcomed the latest Philippine Statistics Authority (PSA) report, which showed that headline inflation further eased to 2.78 percent in January 2024, the lowest since the 2.3 percent recorded in October 2020.
‘We are pleased to announce a significant slowdown on inflation for January 2024,’ he said.
‘We remain committed to easing the burden on our citizens, as evidenced by the recent electricity bill discounts for low-income households.’
The January 2024 inflation rate is lower than the 3.9 percent posted in December 2023 and the 8.7 percent registered in January 2023.
The President attributed the slowdown in inflation to the 3.3 percent decline in food inflation, compared to the previous month’s 5.5 percent.
The downward trend, he said, was also driven by the government’s
proactive measures, including the implementation of the National Adaptation Plan and the reactivation of Task Force El Niño.
‘Additionally, strategic partnerships with countries like Vietnam for rice supply to allow further imports of key food commodities are crucial steps towards ensuring sustained progress,’ Marcos said.
He also called on the public to help the government in addressing economic challenges to build a better future for everyone under a ‘Bagong Pilipinas’ (New Philippines).
In a separate statement, Budget Secretary Amenah Pangandaman said the latest inflation rate indicates that the government’s economic policies are effective, despite global headwinds and climate change.
Source: Philippines News Agency