A survey has found 75 percent of companies in Vietnam planning pay cuts if the Covid-19 pandemic continued to hurt businesses.
Only 25 percent said they would not cut staff’s wages despite the business situation deteriorating.
A survey of 172 businesses in Vietnam conducted by employment agency Talentnet from late March to early April shows that businesses in each industry have different pay cut plans.
The consumer goods sector will cut employee wages by less than 10%, while the manufacturing and high-tech sectors plan to cut their salaries by 20 to 30%.
For employees who have temporarily lost their jobs due to the Covid-19 crisis, 54% of businesses surveyed said they choose to pay wages based on mutual agreements but will not be lower than the regional minimum wage.
The survey also found that 52% of companies surveyed forecast a sharp drop in their revenue this year due to the impact of the Covid-19 crisis while 27% said they have yet to release an estimate of their revenue. me.
According to the General Statistics Office (GSO), the Covid-19 pandemic has caused nearly 5 million Vietnamese workers to lose their jobs as of mid-April, bringing the first quarter employment figures to the lowest level in 10 years, according to the General Statistics Office. Statistics Office (GSO).
Vietnam recorded a GDP growth of 3.82 percent in Q1, its lowest in a decade.Up to 18,600 companies suspended business in Q1, up 26% year-on-year.
Meanwhile, a report by the International Labor Organization said as many as 10.3 million workers in the country could be impacted by the Covid-19 pandemic, losing jobs or seeing their incomes decline in Q2.
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