What are regulations on incentive budget and apportionment of incentives of wholly state-owned enterprises in Vietnam?

Pursuant to Article 16 of the Circular 26/2016/TT-BLĐTBXH stipulating regulations on incentive budget and apportionment of incentives of wholly state-owned enterprises in Vietnam as follows:

- The annual incentive budget shall be founded on the enterprise’s bonus and welfare fund in accordance with the Government’s regulations on the investment of state capital in enterprises and financial governance of wholly state-owned enterprises, and with the Ministry of Finance’s guidelines.

- The enterprise shall regulate incentives as per the laws and in honor of democracy, openness and transparency. Moreover, such regulation shall consist in business performance, quality and efficiency while encouraging employees who possess aptitude and expertise, work productively and contributes greatly to the enterprise. Executive Committee of the enterprise's labor union and employees shall participate in the regulation of incentives.

- The enterprise shall grant incentives to employees according to the incentive budget and incentive regulation(s).

Above are regulations on incentive budget and apportionment of incentives of wholly state-owned enterprises in Vietnam.

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