National Assembly approves comprehensive reform of wage policy starting from July 1, 2024

After listening to the Chairman of the National Assembly 's Finance and Budget Committee Le Quang Manh present the Report on explanation, acceptance and revision of the draft Resolution on the state budget estimate for 2024, the National Assembly proceeded to vote.

Accordingly, 466 delegates participated in the vote in favor (accounting for 94.33%), the National Assembly officially passed the Resolution on the state budget estimate for 2024.

The National Assembly decided that from July 1, 2024, the comprehensive reform of wage policy will be implemented according to Resolution No. 27-NQ/TW dated May 21, 2018 of the 7th Conference of the 12th Central Executive Committee (funding for wage reform is guaranteed from the accumulated wage reform source of the central budget, local budgets and a part arranged in the State budget balance expenditure estimate).

At the same time, the National Assembly also allows adjustments to pensions, social insurance benefits, monthly allowances, preferential allowances for meritorious people and a number of social security policies currently linked to the basic salary.

According to the 2024 State budget estimate approved by the National Assembly, the State budget revenue is 1,700,988 billion VND. The remaining revenue transferred from salary reform sources of local budgets by the end of 2023 to the 2024 budget arrangement of some localities is 19,040 billion VND to implement the basic salary level of 1.8 million VND/month.

Total state budget expenditure was VND 2,119,428 billion (two million, one hundred and nineteen thousand, four hundred and twenty-eight billion). The state budget deficit was VND 399,400 billion (three hundred and ninety-nine thousand, four hundred billion), equivalent to 3.6% of gross domestic product (GDP). Total state budget borrowing was VND 690,553 billion.