24 Aug '11, 1am

Vietnam to boost minimum wage as inflation soars: HANOI - Vietnam will increase minimum wages by up to almost ha...

Vietnam to boost minimum wage as inflation soars: HANOI - Vietnam will increase minimum wages by up to almost ha...

HANOI - Vietnam will increase minimum wages by up to almost half in its major cities from October 1 in a bid to help workers cope with one of the world's highest levels of inflation. In a statement late Monday the government said businesses in Hanoi and the southern economic hub of Ho Chi Minh City will have to pay at least two million dong a month ($95). The rate will, for the first time, apply to both foreign-owned and Vietnamese firms, it said, boosting the basic wage by 29 percent at overseas companies and 48 percent at domestic firms. Pay levels outside the major cities will be lower, although they are also to rise substantially. But there are doubts about whether the higher wages will be enough to help workers cope with inflation that accelerated in July for the 11th straight month. The consumer price index rose 22 percent last month compared with July 2010, accordin...

Full article: http://www.asiaone.com/Business/News/Story/A1Story2011082...

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