Lunar New Year bonuses forecast to rise to record high

Thien Thanh Sanitaryware joint company

Lunar New Year bonuses forecast to rise to record high


As Vietnam's economy has started to recover, bonuses for the Tet Lunar New Year holiday in coming weeks will increase to the highest level ever, an official said.

Pham Minh Huan, a deputy labor minister, did not give an estimate of the hike, but said usually the bonus is equal to employees' one or two months worth of salary.

Those who work in the banking and finance industry will continue to get more than those in the manufacturing sector, he said.
Huan cited a survey by his ministry as saying that the average bonus was VND5 million (US$222) for the Tet earlier this year, up 15 percent compared to 2014.

State-owned enterprises awarded their employees VND7 million ($310) on average, compared to VND4.8 million ($213) among foreign-invested businesses, he said.

The survey was conducted among 13,189 businesses which employed more than 2.5 million employees around the country.
At the press conference, Huan also addressed a question whether Tet bonuses should be regulated by laws.
The ministry has yet to discuss the possibility, considering the Vietnam has been welcoming more and more foreign investors who view New Year bonuses differently from Vietnamese employers, he said.

The Lunar New Year holiday, the most important and biggest celebration in Vietnam, will be on February 6-14.