In 2024, the Government estimates to spend about VND55,400 billion on salary reform, of which 89% will come from the central budget.
On the afternoon of October 23, the Government reported to the National Assembly the 2023-2024 budget estimate and the 3-year financial-budget plan (2024-2026).
From July 1, 2024, the Government will implement the public sector wage reform policy according to Resolution 27 of the Central Committee. Regional minimum wages and wage policies for the enterprise sector will also be adjusted.
Finance Minister Ho Duc Phoc affirmed that "there are enough resources to implement salary policy reform", with expected revenue and expenditure in 2024, along with the use of part of the accumulated salary reform resources of the central and local budgets.
Specifically, by the end of 2022, the total central budget and local savings for salary reform in the next 3 years will be more than 430,000 billion VND. This figure will increase to 486,000 billion VND by the end of 2023, of which 23% is the central budget.
In 2024 alone, according to the Minister of Finance, the total budget expenditure estimate (regular expenditure, development investment, salaries...) is over 2.1 million billion VND, an increase of 24,100 billion compared to 2023. The total expenditure is nearly 2.12 million billion VND, if including 19,000 billion VND of revenue transferred from salary reform surplus to arrange the 2024 budget of some localities to adjust the basic salary to 1.8 million VND per month.
Of this, the estimated budget for salary reform in 2024 is VND 55,400 billion, of which VND 48,000-49,000 billion comes from the central budget, the rest is local.
Finance Minister Ho Duc Phoc speaks at the meeting on the afternoon of October 23. Photo: Hoang Phong
In 2024, the estimated budget revenue is about 1.7 million billion VND, an increase of 5% compared to 2023. The budget mobilization rate is 15.3% of GDP. According to the Minister of Finance, this estimate has anticipated a reduction in revenue from further reductions in environmental protection tax on gasoline and a 2% reduction in VAT until the first half of next year. "This estimate is positive in the context of the domestic and foreign economic and social situation with many potential risks," Mr. Phoc acknowledged.
At the opening session on the morning of October 23, Prime Minister Pham Minh Chinh also said that the Government has promoted increased revenue, saved expenditures, and set up a salary fund of VND560,000 billion, enough resources for salary reform in 3 years (2024-2026).
Examining this content, Chairman of the Finance and Budget Committee Le Quang Manh noted that the Government needs to evaluate and compare the overall salary reform policy and balance resources for implementation in 2024-2026 and forecast to 2030.
"It is necessary to synchronously implement solutions to increase sustainable budget revenue to ensure resources and a roadmap for salary reform until 2030," said the Chairman of the Finance and Budget Committee.
On the other hand, salary reform needs to be implemented synchronously with increasing basic salary, innovating and rearranging the apparatus, and streamlining the payroll to ensure feasibility and long-term sustainability according to the roadmap of Resolution 27.
The Finance and Budget Committee also agreed on the plan to appropriately adjust pensions, social insurance benefits, incentives for meritorious people and some social security policies associated with the basic salary from July 1, 2014. However, the Finance and Budget Committee proposed a break for agencies and administrative units that are managing finances and special incomes, which will only last until June 30, 2024. After this period, the regulations will be implemented according to the general salary reform roadmap.
According to the Minister of Finance, in 2024, the Government will submit to the National Assembly for consideration a further 50% reduction in environmental protection tax on gasoline, oil, and grease and a further 2% reduction in VAT until the end of June 2024. Agreeing to extend this fiscal policy, the Chairman of the Finance and Budget Committee requested that the Government submit a separate proposal, in accordance with the prescribed procedures.
In addition, the Government also proposed to spend VND9,653 billion to pay for product price compensation for Nghi Son Oil Refinery. However, the Finance and Budget Committee requested the Government to clearly define this price compensation, take responsibility for the accuracy and compliance with regulations on price compensation handling. Because, according to the State Audit report, the Vietnam Oil and Gas Group (PVN) has not explained the central budget revenue estimate for 2024 from after-tax profit, after deducting funds to serve as a basis for determining the price compensation estimate for this project.
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