Talentnet (a human resources solutions consulting company) has just released the 2024 Salary and Benefits Report in Vietnam. To conduct this report, Talentnet surveyed 594 foreign enterprises and 59 domestic enterprises, 3,481 job positions from more than 551,380 employees across Vietnam.
According to this unit, the difficult economic situation has greatly affected the labor market, so workers want to stabilize their jobs. On the contrary, businesses have solutions such as limiting salary increases and cutting staff to balance the budget.
Ms. Nguyen Thi Quynh Phuong, Director of Talentnet's Human Resources Consulting Department, said: "Compared to 2023, the average salary of all regions nationwide decreased, reflecting the general trend of the market."
According to Talentnet, basic salary in many places will decrease in 2024 (Illustration: Tien Tuan).
However, the decrease in the wage earners in different regions is different. In Ho Chi Minh City, the average basic salary decreased by 2%, continuing to be the region with the highest average salary in the country.
According to Talentnet statistics, in 2024, Ho Chi Minh City will have a salary level 17% higher than Hanoi and 25% higher than Da Nang. If calculating the total income of salaried workers, Ho Chi Minh City will be 16% higher than Hanoi and 21% higher than Da Nang.
Notably, other regions in the North and Central regions have a fairly high rate of reduction in basic salary compared to 2023. Other regions in the North have a decrease of 7%, other regions in the Central region have a decrease of 9%.
According to Talentnet, although basic salary has decreased, it has not affected employees much because the rate of businesses increasing bonuses has increased.
Specifically, Vietnamese enterprises have a bonus increase of 0.9%, while multinational enterprises have a bonus increase of 0.7%. Increasing bonuses is also a way for enterprises to encourage employees to improve labor productivity.
In addition to cutting salaries, some also apply the method of recruiting new low-level employees to save on salary budget.
According to Talentnet, when recruiting new employees, the salary that the company needs to pay is lower than the salary of current employees.
Talentnet's survey only collects basic salary data for workers in enterprises, so there is a difference compared to the report of the General Statistics Office.
According to the General Statistics Office's Report on Labor and Employment Situation in the Third Quarter and 9 Months of 2024, the average income of workers nationwide in the third quarter of 2024 was VND 7.6 million/month, an increase of VND 176,000 compared to the previous quarter and an increase of VND 519,000 compared to the same period in 2023.
Of which, the average income of workers in urban areas is 1.4 times higher than that in rural areas (9.3 million VND compared to 6.6 million VND).
According to a survey by the General Statistics Office, a worker's income is the amount of wages, salaries or profits received from work, including overtime pay, bonuses, job allowances and other benefits.
Compared to the same period last year, the average monthly income growth rate of workers in the third quarter of 2024 reached 7.3%, 1.4 times higher than the average income growth rate in the third quarter of 2023 (reaching 5.3%).
Compared to the previous quarter, the average monthly income of workers increased unevenly across socio-economic regions in the country. In particular, the income of workers in the Red River Delta region improved.
Workers' income in some provinces in the region has a high growth rate: Hanoi is 10.7 million VND, up 6.6% compared to the previous quarter (equivalent to an increase of 659,000 VND); Nam Dinh is 7.6 million VND, up 5.7% (equivalent to an increase of 406,000 VND).
Source: https://dantri.com.vn/lao-dong-viec-lam/luong-trung-binh-o-tphcm-cao-hon-ha-noi-17-20241023150849324.htm
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