Seeking appropriate monetary mechanisms

Deputy PM Vuong Dinh Hue at a workshop on monetary policy reform, international and Vietnamese experience, Ha Noi, December 13, 2017 - Photo: VGP/Thanh Chung

The Central steering for reform of wage and social insurance policies, and incentive policies for national contributions cooperated with the International Labor Organization (ILO) to hold a workshop on monetary policy reform, international and Vietnamese experience on December 13. The event was of significance, targeting to compose a project on monetary reform and acquire valuable comments and experience. 

The event also drew the attendance of Deputy PM Vuong Dinh Hue, Minister of Home Affairs Le Vinh Tan, and Minister of Labor, Invalids, and Social Affairs Dao Ngoc Dung. 

Eliminating salary coefficients

Director of the ILO Country Office for Viet Nam Chang-Hee Lee assessed that the regulations on salary coefficients make it difficult to adjust and calculate, resulting in State budget burdens and hard comparison among the public and private sectors. 

Mr. Lee also pointed out weaknesses in qualification regulations in jobs which cause discrimination in salaries without respecting for working efficiency. The Director recommended Viet Nam craft a wage mechanism which relies on working quality and job performance without qualifications. 

Economist Pham Chi Lan was quoted as saying that wage reform should be taken to stimulus socio-economic development; serving to improve operation of the State apparatus; living standards for public servants. 

Seeking appropriate wage payment

Deputy PM Hue said that the salary reform would continue previous reforms of the Party and State in a drastic and fundamental manner. 

He suggested the drafting team of the project on wage reform research two types of salary payment on the basis of career and employment position, regarding this as the key factors for socio-economic development and dynamic administration construction./.

By Kim Anh