Outstanding policies take effect in February
A string of new policies on social insurance, bond development issuance, outbound investment shall come into effect from February, 2019.
Adjusted payment of social insurance
The Ministry of Labor, Invalids, and Social Affairs issued Circular 35/2018/TT-BLDTBXH, dated December 26, 2018 on prescribing indexation rate of monthly salary and income after payment of social insurance contributions.
Each employee starting participating in social insurance from January 1, 2016 shall have his/her monthly salaries for which social insurance have been paid adjusted for calculation of the monthly salary as the basis for social insurance payment.
From January 1, 2019, salaries for which social insurance premiums have been paid for calculation of the average monthly salary as the basis for social insurance payment applicable to employees subject to salary regime set by employers shall be adjusted as follows:
|
Post-adjusting monthly salary as the basis for social insurance payment of a year |
= |
Monthly salary as the basis for social insurance payment applicable to an employee subject to salary regime set by employer of the year |
x |
Adjusting rate of salaries for which social insurance have been paid of the year |
The circular shall take effect since February 15, 2019 and apply from January 1, 2019.
Important corridor for bond development
Decree 163/2018/ND-CP regulating the issuance of corporate bonds shall take effect since February 1, 2019.
Decree 90 stipulates the issuance of individual corporate bonds to issue bonds to less than 100 investors, not including professional investors and not using the media or the internet. This provision shall comply with the Law Amending and Supplementing a Number of Articles of the Securities Law (Clause 3, Article 1).
Electronic transactions in financial operations
Decree 165/2018/ND-CP on electronic transactions in financial operations shall come into force from February 10, 2019.
The Decree stipulates that e-documents must fully meet the requirements of state management and in accordance with specialized law provisions. The form, the creation, sending and receiving of e-documents and the legal validity of e-documents shall comply with the Law on E-Transactions.
E-documents shifted from paper documents must meet the conditions such as reflecting sufficient contents of paper documents; individual or agency, organization implementing (or responsible) the shift of paper documents to e-documents shall digitally sign on the e-documents after being shifted, or authenticated by one of authentication measures mentioned above.
Lending for outbound investment
Circular 36/2018/TT-NHNN regulating lending operations by commercial banks, credit organizations and foreign bank branches to customers for offshore investment shall come into force on February 15, 2019.
The lending rates should be agreed between lenders and customers (investors) but shall not exceed 70% of the customers' offshore investment capital.
The Circular specifies that commercial banks, credit organizations and foreign bank branches may consider lending to customers having capital demands in accordance with the investment forms stipulated in the Law on Investment.
Roadmap for ATM cards
Circular 41/2018/TT-NHNN replaces Circular 19/2016/TT-NHNN on bank card operations starting on February 18. Accordingly, commercial banks will have to switch at least 35% of their current magnetic strip ATM cards – more than 25 million in total – to chip cards by the end of this year to enhance safety and service quality./.
By December 31, 2020, all ATM machines will receive only chip cards./.
source: chinhphu.vn
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