Principles of exclusion of objective factors when determining salary budgets for employees working in Vietnam Asset Management Company

Duy Thinh

08:44, 26/06/2018

The Ministry of Labor, War Invalids and Social Affairs of Vietnam issued Circular No. 04/2018/TT-BLĐTBXH providing amendments to Circular No. 37/2016/TT-BLDTBXH providing guidelines for management of employees, wages, remunerations and bonuses paid to employees working in Vietnam Asset Management Company (VAMC).

According to Circular No. 04/2018/TT-BLĐTBXH of the Ministry of Labor, War Invalids and Social Affairs of Vietnam, when determining planned and realized salary budgets for employees, VAMC may disregard objective factors that may cause impacts on labor productivity or the difference between revenues and expenses, of which principles are as follows:

- The labor productivity or the difference between revenues and expenses that is affected by such objective factors must be quantified and expressed in specific figures.

- When calculating the annual labor productivity or the difference between revenues and expenses, VAMC may add (or deduct) the amount of labor productivity or the difference between revenues and expenses decreased (or increased) due to such objective factors.

- On determining its realized salary budget, VAMC must take into account the objective factors that may cause impacts on the labor productivity or the difference between revenues and expenses compared with the planned ones.

View more details at Circular No. 04/2018/TT-BLĐTBXH of the Ministry of Labor, War Invalids and Social Affairs of Vietnam, effective from August 15, 2018.

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