The Q2 finance reports of top-tier banks showed that workers at VP Bank and TPBank saw the sharpest decreases compared to Q1.

VPBank workers’ average monthly income fell by VND10.59 million, while the income of VP Bank’s officers decreased by VND9.12 million.

TPBank officers received about VND31.5 million each in Q1, but only VND20.9 million in Q2. Meanwhile, the figures were VND34.36 million and VND25.24 million for VPBank.

Vietcombank and VietinBank, two of the ‘big four’, also cut the pay of workers though the bank had made huge profits. The monthly income of Vietcombank’s workers decreased from VND34.13 million to VND32.92 million. Despite the drop, the income of Vietcombank’s officers is still the dream of many other banks.

Bank officers’ incomes, which include a monthly salary and bonus, have decreased significantly amid the Covid-19 crisis.

Meanwhile, workers of VietinBank saw their income slightly decreasing in Q2 by VND200,000, and received VND24.31 million in Q2.

By contrast, workers at some banks saw their incomes increase.

While workers in other business fields are facing layoffs and salary cuts, workers at the Military Bank saw their income increasing by VND2.69 million. The average monthly income per capita at the bank is VND31.77 million.

In its Q2 finance report, Techcombank showed that the average income of workers in H1 was VND36 million a month. If not counting allowance, the fixed monthly salary of Techcombank officers in Q2 was VND31 million, or VND4 million higher than the same period last year.

However, the income level represented a slight decrease compared with Q1, when workers received VND36.9 million.

In the first six months of the year, Techcombank spent VND2.291 trillion to pay 10,592 workers, the total number of workers as of June 30, or just 12 workers higher than Q1.

Regarding personnel, Vietcombank, after a big recruitment campaign last April, had 798 more workers in Q2. TPBank hired 291 more workers. Meanwhile, the other banks did not see considerable changes.

VPBank faced the most severe working environment as it cut 394 workers in the last three months.

SBV Governor Le Minh Hung has askef credit institutions to increase lending to the production and business sector. However, they have been told to tightly control credit to the sectors with risks, including real estate, securities investments and BOT (build, operate, transfer) projects.

Hung also requested banks to strictly follow the government’s and Prime Minister’s instructions on cutting operation costs, workers’ salaries and bonuses, and reduce profits to slash lending interest rates to help enterprises overcome difficulties. 

Ngan Giang

Source: https://vietnamnet.vn/en/business/banks-cut-pay-lay-off-workers-due-to-impact-of-covid-19-667054.html