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New regulations on salary and bonuses for supervisory boards

20:00 | 11/12/2021

VCN – The Ministry of Finance has recently issued Circular 105/2021/TT-BTC, guiding the salary, wage and remuneration of heads of single-member limited liability companies, of which charter capital is wholly owned by the State.

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New regulations on salary and bonuses for supervisory boards

Before the 20th of every month, the agency representing the owner must pay salary, wage, and remuneration for the head of the supervisory board and its members. Photo: Internet

Circular 105/TT-BTC stipulates that, in the first quarter of every year, single-member limited liability companies shall determine the salary fund and remuneration of their supervisors according to the provisions of Articles 4, 5 and 6 of Decree 52/2016/ND-CP, and Circular 27/2016/TT-BLDTBXH.

Before the 15th of every month, single-member limited liability companies shall transfer 80% of their salary to the annual plan.

If the plan on salary and remuneration fund has not been approved by the agency representing the owner, the single-member limited liability company shall advance 80% of the monthly salary and remuneration of the preceding year.

After the agency representing the owner approves the annual plan of the salary and remuneration fund, the single-member limited liability company shall balance the fund and ensure that the advance amount does not exceed 80% of the monthly salary and remuneration of the planned year.

For the Vietnam Posts and Telecommunications Group (VNPT) and the Vietnam Air Traffic Management Corporation (VATM), this Circular stipulates that, VNPT and VATM shall transfer 85% of their salary and remuneration according to the provisions of Clause 1, Article 15 of Decree 20 2020/ND-CP, dated February 17, 2020, and Decree 87/ 2021/ND-CP.

Before the 20th of every month, the agency representing the owner shall pay salaries and remunerations to the personal account head of the supervisory board and supervisors.

Within 15 days after the settlement of the salary fund, according to regulations imposed at the end of the fiscal year, the single-member limited liability company shall return the remaining salary and remunerations amounts to the salary of the head of the board and the members at the agency representing the owner.

According to the Supervisory Board, the agency representing the owner shall pay the remaining salary and remuneration to the head of the Supervisory Board, as prescribed in Article 19 of Circular 27/2016/TT-BLDTBXH.

For the setting up of bonus funds, Circular 105 stipulates that the bonus includes annual bonuses and bonuses at the end of the term.

When making the decision to pay annual bonuses to managers, officers and employees of the company, the single-member limited liability company will transfer 90% of the annual bonus to the salary, remuneration and bonus fund of the owner's representative agency.

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Within 15 days of the day on which the single-member limited liability company transfers the annual bonus, the owner's representative agency must pay the annual bonus to the head of the supervisory board on the basis of assessments of their performance.

The rest, 10% of the annual bonus fund, is set up as a bonus fund for the term specified in Article 103 of the Enterprise Law.

By Hoai Anh/ Huyen Trang

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