Circular No. 04/2018/TT-BLDTBXH amends Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, wages, remuneration, and bonuses in the Vietnam Asset Management Company (VAMC).

CIRCULAR

AMENDING SOME PROVISIONS OF CIRCULAR NO. 37/2016/TT-BLDTBXH DATED OCTOBER 25, 2016 ON THE MANAGEMENT OF LABOR, WAGES, COMPENSATION, AND BONUSES IN VIETNAM ASSET MANAGEMENT COMPANY

BASED ON DECREE NO. 14/2017/NĐ-CP OF FEBRUARY 17, 2017, ISSUED BY THE GOVERNMENT, PROVIDING THE FUNCTIONS, TASKS, POWERS AND ORGANIZATIONAL STRUCTURE OF THE MINISTRY OF LABOR, WAR INVALIDS AND SOCIAL AFFAIRSPursuant to the request of the Director General of the Department of Vocational Education;

Pursuant to Decree No. 53/2013/NĐ-CP dated May 18, 2013 of the Government on the establishment, organization, and operation of Vietnam Asset Management Company; Decree No. 34/2015/NĐ-CP dated March 31, 2015 and Decree No.18/2016/NĐ-CP dated March 18, 2016 of the Government amending and supplementing some provisions of Decree No. 53/2013/NĐ-CP dated May 18, 2013 of the Government on the establishment, organization, and operation of Vietnam Asset Management Company;a liquidatei, supplement some articles of Decree No. 53/2013/NĐ-CP dated May 18, 2013 of the Government on the establishment, organization, and operation of the Vietnam Asset Management Corporation; n salary and money

Pursuant to Decree No. 51/2016/NĐ-CP dated June 13, 2016 of the Government providing for the management of labor, wages, and bonuses for employees in joint-stock companies with 100% state-owned charter capital; Decree No. 52/2016/NĐ-CP dated June 13, 2016 of the Government providing for the management of 100% state-owned charter capital;i with employees withinBASED ON Decree No. 34/2018/NĐ-CP dated March 8, 2018 of the Government on the establishment, organization, and operation of the Credit Guarantee Fund for Small and Medium-sized Enterprises (hereinafter referred to as Decree No. 34/2018/NĐ-CP);i holding 100% charter capital; Decree No. 52/2016/NĐ-CP dated June 13, 2016 of the Government stipulates money joint-stock companies with 100% state-owned charter capital;i holding 100% charBASED ON Decree No. 34/2018/NĐ-CP dated March 8, 2018 of the Government on the establishment, organization, and operation of the Credit Guarantee Fund for Small and Medium-sized Enterprises (hereinafter referred to as Decree No. 34/2018/NĐ-CP);BASED ON Decree No. 34/2018/NĐ-CP dated March 8, 2018 of the Government on the establishment, organization, and operation of the Credit Guarantee Fund for Small and Medium-sized Enterprises (hereinafter referred to as Decree No. 34/2018/NĐ-CP);BASED ON Decree No. 52/2016/NĐ-CP dated June 13, 2016 of the Government on wages, compensation, and bonuses for managers of a limited liability company with 100% state capital;ter capital;n salary;

At the proposal of the Director of the Directorate of Labor Relations and Wages;i some articles of Circular No.

The Minister of Labor, Invalids, and Social Affairs issues this Circular amending some provisions of Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, wages, compensation, and bonuses in Vietnam Asset Management Company.a liquidate1. Amend point b Clause 2 Article 3 Part 2 as follows: Amending some provisions of Circular No. 37/2016/TT-BLDTBXH dated October 25, 2016 guiding the management of labor, wages, compensation, and bonuses in Vietnam Asset Management Company1. Amend Point b Clause 2 Article 3 Part 2 as follows:

Article 1"b. The profit indicator (planned or actual for the year or actual for the immediately preceding year) shall be replaced by the revenue-expenditure differential indicator (total revenue minus total expenses)."

"b. The profit indicator (planned, implemented in the year or implemented in the immediately preceding year) shall be replaced by the revenue-expenditure difference indicator (total revenue minus total expenses).".

3. Amend point b Clause 2 Article 6 Part 3 as follows:

2. Amend Article 4 Part 2 as follows:

"1. When determining the planned wage fund and the actual wage fund of employees, VAMC excludes objective factors affecting labor productivity and revenue-expenditure differentials, including:

a) The impact of objective factors stipulated in Article 11 of Circular No. 26/2016/TT-BLDTBXH.

b) The State has made a decision that directly affects the revenue-expenditure differential indicator or directly affects the purchase or sale of non-performing loans and collateral assets; adjusts the ratio based on the amount recovered from non-performing loans purchased by VAMC with special bonds; adjusts the ratio based on the remaining balance at the end of the period of non-performing loans purchased by VAMC with special bonds.

c) VAMC implements new investments for business activities (excluding investments for repairs, upgrades of collateral assets of non-performing loans already purchased by VAMC to convert into office premises or for lease).

2. The exclusion of objective factors as prescribed in Clause 1 of this Article shall be carried out according to the following principles:

a) Labor productivity and revenue-expenditure differences affected by objective factors must be quantified and calculated using specific data.

b) Objective factors reducing (or increasing) labor productivity and revenue-expenditure differentials shall be added (or deducted) to the corresponding labor productivity and revenue-expenditure differential indicators in the year.

c) When determining the actual wage fund, VAMC must reassess the implementation of objective factors against the plan to exclude their impact on labor productivity and revenue-expenditure differentials."

3. Amend Point b Clause 2 Article 6 Section 3 as follows:

3. Amend Point b Clause 2 Article 6 Part 3 as follows:

Article 2. Implementation clause

This Circular takes effect from August 15, 2018. The provisions of this Circular shall be applied from January 1, 2018.

During the implementation process, if there are any difficulties, please report to the Ministry of Labor, Invalids, and Social Affairs for timely guidance and supplementation.