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Legal Update | The new basic salary and minimum salaries to be applied from 1 July 2024 | July 2024
This Update highlights the following key points:
Increase the deduction amount for various insurances and benefit expenditures as a result of the increase in basic salary.
Applying the new minimum salary for employees working under labor contracts.
Update of the list of regions subject to minimum salary.
Increase in the unemployment insurance premiums, trade union fees and other payments payable by enterprises to employees.
Other actions enterprises need to take to ensure compliance.