Highest lunar New Year bonus in country around $44,285

The Department of Labor and Wage under the Ministry of Labor, War Invalids, and Social Affairs yesterday said that the highest bonus for the Lunar New Year is VND1 billion ( $44,285) at a private business in Ho Chi Minh City.

Last year the highest bonus was VND624 million, said the Department.

The Ministry of Labor, War Invalids and Social Affairs announced the payment in 2016 and bonus for Tet holidays (the Lunar New Year). Averagely, laborers receive the bonus payment of VND1.253 million each for the Solar New Year, up 6.2 percent than last year meanwhile according to the information collected from businesses nationwide, the bonus for the Lunar New Year is VND4.9 million averagely, 96 percent higher than last year.

Meanwhile, the lowest Tet bonus rate this year is VND50,000 while it was VND40,000 last year, which was reported by private businesses in the southern provinces of Ben Tre, Tay Ninh and FDI enterprises in the northern provinces of Thai Binh, Hai Duong.

The information on bonus payment was collected from 23,495 businesses that employ over 3.72 million employees in the country. Head of the Department of Labor and Wage Tong Van Lai, the bonus for Tet holiday did not represent the country’s economic picture in 2017.

Currently, some enterprises have not announced their plan for bonus, therefore, the Ministry urged local government to encourage them and labor unions to share with laborers on the special occasion.

As per the Department of Labor and Wage, through investigation of 2,000 enterprises, wages in 2016 increased with average of VND5.7 million a month, up 7.5 percent compared to 2015. Yet enterprises faced difficulties; more than 60,600 companies stopped operation and 12,400 companies announced liquidation, an increase of 31 percent badly affecting laborers’ income and lives.

By Van Phuc – translated by Uyen Phuong

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