Thailand’s daily wage increase plan sets to go ahead
Thai Labour Minister Phiphat Ratchakitprakarn has revealed that the country’s move to raise the minimum wage nationwide to 400 THB (11.7 USD) a day will be started from Oct. 1 despite concerns that the rise will harm businesses.
Thai Labour Minister Phiphat Ratchakitprakarn (Photo: bangkokpost.com)
Bangkok (VNA)𝓰 – Thai Labour Minister Phiphat Ratchakitprakarn has revealed that the country’s move to raise the minimum wage nationwide to 400 THB (11.7 USD) a day will be started from Oct. 1 despite concerns that the rise will harm businesses.
Phiphat said that following discussions with business operators and a study by a subcommittee set up by the Ministry of Labour, the ministry confirmed that a nationwide minimum wage increase will take effect on Oct. 1 as planned.
A study conducted with the Social Security Office (SSO) found that when the ministry announces a minimum wage of 400 THB, the wage hike policy should apply to companies or factories with at least 200 workers.
He said the SSO will adopt measures to compensate businesses with over 200 employees by providing them with a 1% discount on their contributions to the Social Security Fund starting next month until September next year.
Phiphat noted that small- and medium-sized enterprises with less than 200 employees will not be required to increase wages. However, he emphasised the need to support these smaller companies, which employ over 90% of the country's workforce, until the economy revives.
In addition, Phiphat disclosed the possibility of asking for cooperation from financial institutes to provide low-interest credit to companies to help maintain their businesses' liquidity and cash flow after the pay rise comes into effect.
Moreover, he said there will be a measure to offer tax discounts for companies that provide career training to workers./.
Thai Prime Minister Srettha Thavisin on May 7 defended his plan to introduce a nationwide daily minimum wage of 400 THB (10.88 USD) as a necessary move for the economy.
Thailand is set to increase the minimum wage in next month as planned, and the government is also considering another wage hike in March 2024, Prime Minister Srettha Thavisin affirmed on December 26.
Thai Prime Minister Srettha Thavisin said on September 12 that his government will ask employers to raise the minimum daily wage to 400 THB (11.4 USD) as soon as possible.
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