Basic wage for State Corporation’s president is VND 36 million per month

 On May 14, 2013, the Government issued the Decree No. 51/2013/ND-CP promulgating wages, remunerations, bonuses for the Member Assembly’s members, the company’s President, the Controller, the General Director or director, the Deputy General Director or Deputy Director, and the Chief Accountant of one member state owned limited companies.

 This Decree promulgates the basic wages for the specialized managing officers as follows: the President of Member’s Council or specialized company’s Presidents under Economic Groups: VND 36 million per month; Group’s General Director or Director: VND 35 million per month and so on.

Remunerations for part-time managers shall be calculated according to their works and working durations, and shall not exceed 20% of wages of specialized managers; for managers that represent the company to contribute capital to other companies, the remunerations paid by other companies shall be given to the company, and they shall be paid according to the fulfillment of their tasks. Such remunerations shall not exceed 50% of the actual wages paid by the company. The remaining amount (if any) shall be included in other incomes of the company. The wage and remuneration fund for managers shall be determined every year and separate from the wage fund for employees. This fund shall be established by the company and approved by the owner. Every month, each shall receive an advanced payment of 80% of the tentative wage or remuneration in that month; the remaining 20% shall be paid at the end of the year.

This Decree takes effect on July 01, 2013, and is applicable from May 01, 2013.