2020 Salary Increases: A Look Back at Challenging Times

“Oh, 2020, that was quite a year!”, Mr. Bay sighed, running his hand over the familiar steering wheel of his truck. “The pandemic hit hard that year, business was tough, and my truck sat idle in the garage for months. The salary increases were meager, not nearly enough to offset the rising costs.”

Mr. Bay’s story, a seasoned truck driver with years of experience on the North-South route, reflects the shared struggles of countless workers in the tumultuous year of 2020. The sudden arrival of the Covid-19 pandemic shook the economy, leaving many businesses struggling and even bankrupt. Salary increases, once eagerly anticipated by workers, became a complex problem.

Salary Increase Policies in 2020: Amidst the Covid Storm

According to statistics from the General Statistics Office, the average salary increase in 2020 reached only about 5%, significantly lower than in previous years. The main reason was the negative impact of the Covid-19 pandemic, which caused many businesses to face difficulties in production and business, leading to decreased revenue and profits.

“As the old saying goes, ‘times make heroes,’ but in this pandemic era, ‘times’ made things very difficult for ‘heroes’!”, Mr. Bay chuckled sadly. “Low salary increases coupled with rising prices made life challenging for us workers.”

However, despite the general difficulties, some businesses, especially foreign-invested enterprises (FDIs), maintained stable salary increases, even higher than in 2019. This indicates that the salary and bonus policies of each enterprise depend heavily on its specific business performance.

Seeking New Opportunities in Challenging Times

“Every difficulty will eventually pass,” Mr. Bay shared with an optimistic look. “The important thing is that we must know how to adapt and seek new opportunities.”

Indeed, amidst the shared difficulties, many workers, especially young people, proactively sought new job opportunities and flexibly transitioned to industries and fields that aligned with market demands.

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The 2020 salary increases, although not meeting expectations, served as a valuable lesson for both workers and businesses. In today’s volatile context, proactively adapting, enhancing competitiveness, and seeking new opportunities are the keys to overcoming difficulties and achieving success.

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