According to this Circular, monthly pay rates after completion of payment of social insurance contributions specified in clause 1 of Article 1 in Circular No. 35 will be adjusted according to the following formula:
Monthly pay rate used as a basis for payment of social insurance contribution after adjustment = Total monthly pay rate used as a basis for payment of social insurance contributions in each year x Indexing factor in the respective year.
Followings are indexing factors in the respective years from 2015 to 2020:
- Year 2015: 1.13.
- Year 2016: 1.10.
- Year 2017: 1.06.
- Year 2018: 1.03.
- Year 2019: 1.00.
- Year 2020: 1.00.
For more details, please see the Circular No. 35/2019/TT-BLĐTBXH (in force from February 15, 2020), including regulations to be applied from January 1, 2020.
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