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Market stabilization

TQO - The Ministry of Labor, War Invalids and Social Affairs is drafting a Decree on increasing regional minimum wages from July 1, 2024. If this plan is implemented, the increase in regional minimum wages and salary reform in the public sector will be implemented together from July 1, 2024.

The purpose of the salary increase is to compensate for inflation and ensure the living standards of workers. This will be a great joy for millions of cadres, civil servants, public employees and workers. However, while workers have not yet enjoyed the joy of a salary increase, the Ministry of Industry and Trade said that the domestic consumer price index may increase after implementing salary reform from July 1 and adjusting electricity prices according to the new mechanism.

Meanwhile, salary increases are only truly meaningful if prices are kept relatively stable. In fact, for many years now, there has been a situation where every time wages increase, the prices of goods "pour water" up accordingly. This makes workers less happy and more worried because they fear that the salary increase will not keep up with the increase in goods prices.

Some economic experts believe that the reason why every time the State adjusts salaries, prices increase is because the phenomenon of monopoly in buying and selling still occurs; the distribution system is still weak and has many intermediaries; the relationship between producers and retailers is not fair... Therefore, ministries, branches and localities must fully prepare essential goods and services to promptly meet the needs of the people, especially the group of food - foodstuffs, when the demand in the last 6 months of the year is forecast to increase higher than the first 6 months of the year.

At the regular Government meeting last April, the Prime Minister also requested to strengthen price and market management, have a suitable roadmap to adjust the prices of goods managed by the State, public services; "no sudden price increases, no price increases for many items at the same time, no price increases at the time of salary increases".

With the synchronous participation of the entire political system, the determination of all levels and sectors, the management, operation, flexibility and effectiveness of regulatory tools and measures to control the risk of price increases and stabilize the market, the upcoming salary increase for officials, civil servants, public employees and workers will be truly meaningful as the salary increase target has been set.

Phuong Dong

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