2024: Strong labor market recovery

(LĐXH) - The labor market in 2024 will witness a rapid and strong recovery. The average income of salaried workers will reach about 8.5 million VND/month (an increase of 1.9 million VND compared to 2020).

Wages and income of workers increase

According to the report of the Ministry of Labor, Invalids and Social Affairs , in 2024, the labor and employment situation will have many bright spots, estimated to achieve and exceed the targets assigned by the National Assembly and the Government, the unemployment rate in urban areas will be below 4%; the rate of trained workers is estimated at 69%, of which the rate of trained workers with degrees and certificates is estimated at 28.1%.

Labor market institutions continue to be improved, developed, and human resources are effectively utilized. Solutions to connect supply and demand, especially connecting information on labor and employment between provinces with abundant human resources and key economic provinces and cities, are promoted;

Activities connecting labor supply and demand will be effectively implemented in 2024.

Job fairs are organized more effectively, and loan disbursement for job creation is carried out effectively.

Labor management activities linked to population databases and other databases and Project 06 are enhanced.

The synchronous implementation of solutions to restore and develop the labor market has brought about positive results, helping industrial parks, export processing zones, and key economic regions basically maintain a stable labor force, basically meeting the human resource needs for the country's economic development.

According to the General Statistics Office, the labor and employment situation in 2024 has returned to normal development trends as before the Covid-19 pandemic.

The work of selecting, training resources and sending workers to work abroad under contracts has been strengthened and managed more closely.

The activity of sending workers abroad to work has recovered quickly, the number of workers going abroad to work under contracts has gradually increased and the quality has improved. The whole year, about 150,000 Vietnamese workers were sent to work abroad under contracts, reaching 120% of the plan.

At the same time, well implement social insurance and unemployment insurance policies. By the end of December, the number of social insurance participants reached about 20.1 million people, accounting for 42.7% of the working-age workforce (of which: compulsory social insurance reached about 17.8 million people, voluntary social insurance reached more than 2.3 million people), an increase of over 4 million people compared to 2020.

By the end of November, the number of people participating in unemployment insurance was estimated at 15.8 million, accounting for about 33% of the working-age workforce, an increase of over 2.5 million people compared to 2020.

In particular, wage policies and the building of harmonious and progressive labor relations in enterprises have been well implemented. This is reflected in the mechanisms and policies on labor and wages in 2024 that continue to be built and perfected.

Focusing on institutionalizing the contents of wage policy reform in enterprises such as adjusting the minimum wage (an average increase of 6%), building wage policies in state-owned enterprises in the spirit of Resolution No. 27-NQ/TW.

Notably, wages and incomes increased (in 2024, the average income of salaried employees reached about 8.5 million VND/month, an increase of 1.9 million VND compared to 2020), and the lives of employees improved.

Continue to improve employment policies and labor market institutions

Mr. Vu Trong Binh, Director of the Department of Employment, said that the Department is actively advising the Ministry, the Government, and the National Assembly to promulgate the Law on Employment (amended) to ensure the institutionalization of the Party's policies and guidelines; ensure the consistency, unity, and suitability of the legal system under the management and regulation of the State;

Meeting the needs of socio-economic development, in line with international commitments that Vietnam participates in, contributing to promoting labor market development, towards ensuring sustainable employment for all workers.

“2025 will be a year with many expectations and opportunities for breakthroughs when macro challenges such as inflation and high interest rates in countries begin to stabilize; Vietnam's economy continues to demonstrate itself as the leading attractive FDI attraction location in the region and the world;

The revolution of streamlining and streamlining the apparatus is being actively implemented, towards an effective and efficient administration," Mr. Vu Trong Binh emphasized and said that, regarding solutions and tasks, in addition to the tasks assigned by the Government and the Ministry, the Department of Employment has identified a number of specific tasks as follows:

Firstly, building labor market institutions, especially the Law on Employment (amended), basically perfecting employment policies, a modern, integrated, flexible labor market, meeting practical requirements, institutionalizing the Party's policies and vision in national development by 2045.

Second, strengthen state management, closely coordinate with localities, reform administrative procedures, and improve the effectiveness of state management in accordance with the socialist-oriented market economy under the leadership of the Party.

Third, closely follow the reality and labor market, ensure good labor market and employment information from localities to promptly advise on managing employment services, connecting labor supply and demand, forecasting the labor market, helping employment services to develop.

In 2024, the urban unemployment rate will be below 4%; the rate of trained workers is estimated at 69%, of which the rate of trained workers with degrees and certificates is estimated at 28.1%. During the year, about 150,000 workers will be sent to work abroad under contracts, reaching 120% of the plan.

Ha Phuong

Labor and Social Affairs Newspaper No. 157

Source: https://dansinh.dantri.com.vn/nhan-luc/nam-2024-thi-truong-lao-dong-phuc-hoi-manh-me-20241230213505239.htm