The National Assembly has officially passed the Resolution of the 7th session, agreeing to reform wages with a plan to increase the basic salary from 1.8 to 2.34 million VND per month, increase pensions and social insurance benefits by 15% from July 1. How to increase wages without causing inflation to skyrocket?
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| To control the phenomenon of inflation increasing according to the basic salary, the authorities need to strengthen the implementation of price declaration, price posting, price information disclosure... (Source: Vietnamnet) |
Commenting on the above issue, Ms. Nguyen Thu Oanh, Director of the Price Statistics Department (General Statistics Office) said that over the past 15 years, the growth rate of the Consumer Price Index (CPI) has been much lower than the wage growth rate.
From 2009 to July 1, 2024 - the official date of application of the new wage policy - the basic wage has increased by about 280%, the regional minimum wage of enterprises has increased by about 484%, while the consumer price index has only increased by about 108%.
This shows that the Government always aims for real wages to be the main income to ensure the livelihood of workers and their families, creating motivation to improve labor productivity and work efficiency.
Increasing wages will contribute to improving people's living standards, contributing to economic growth and increasing purchasing power, when the supply and demand relationship changes, it can affect prices.
Ms. Oanh said that in previous years, when wages increased, prices usually increased. Even when the government had just issued a policy on wage increases, prices had already increased, without having to wait for implementation. That was because the market at that time was still spontaneous and the management of price conflicts was not as complete as it is today.
The Director of the Price Statistics Department cited that in 2008 and 2011, inflation increased very high, but not only due to salary increases but also due to the impact of the global economic crisis. Monetary policy during this period was still loose and inflexible, and the management of macro-monetary policies was still confusing...
"There have been very clear changes in recent years. The government, people and the market have adapted and are no longer affected much, so wage increases often create expected inflation, while price increases rarely occur. Therefore, this wage increase will not cause a sudden increase in inflation," Ms. Nguyen Thu Oanh affirmed.
However, the Director of the Price Statistics Department also emphasized that we should not be subjective and still have to anticipate the phenomenon of "following the flow" when increasing salaries from July 1.
To control this phenomenon, authorities need to strengthen the implementation of price declaration, price posting, price information disclosure, organize inspections and checks on compliance with price laws as well as strictly handle violations.
Ms. Oanh said: “This is a very important solution because when prices are transparent, unreasonable price increases will be avoided. In addition, it is necessary to call on businesses to participate in price stabilization programs, especially large-scale, reputable businesses with high market share and being the focal point for supply chains. At the same time, encourage shopping malls and supermarkets to organize product promotions to stimulate consumption.”
Meanwhile, the research team including Mr. Nguyen Thuong Lang, Institute of International Trade and Economics (National Economics University) and Ms. Nguyen Thi An Hung, former student of National Economics University, said that there should be synchronous solutions in terms of awareness dissemination, economics, finance, administration - law with related subjects such as the state, enterprises, residents, and other relevant subjects.
Accordingly, on the state side, it is necessary to have a significant source or mechanism to reserve goods to supply the market at the necessary time, form a price ceiling mechanism suitable for essential goods, strengthen market management when there is speculation or price increases without sufficient basis and appropriate basis, and attach importance to propaganda to stabilize public psychology in the face of salary increases.
At the same time, encourage price competition, increase imports to stabilize prices and increase deposit interest rates, issue project bonds or corporate bonds with state guarantees to attract some of the idle money in circulation.
For businesses, it is necessary to restructure, apply new business models, and streamline management to save costs, and exploit all support to save costs.
For the public, it is necessary to stabilize one's mentality, not follow the crowd mentality, not create a wave of buying goods when there is no real need, reduce the hoarding mentality and have a reasonable, economical and sustainable personal spending method.
Source: https://baoquocte.vn/tang-luong-co-so-se-khong-giay-ra-tinh-trang-lam-phat-tang-dot-bien-277328.html
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