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American companies in Thailand plan various forms of inflation adjustments for their employees before January, according to a survey conducted by the American Chamber of Commerce in Thailand (AmCham).
The chamber received 166 responses to its online survey conducted from June to early this month. About 33% of respondents had between 100 and 499 employees while 28% had fewer than 50, 19% had over 1,000 and the remaining categories (50-99 and 500-999) each had about 10%.
The result showed that 59% of respondents were planning for some form of cost of living adjustments. Among this group, 47% plan an increase in allowances, 40% plan to raise salaries and 42% plan to increase transport allowances.
The increases in allowances range from 1-10%, though some respondents are giving a set monetary amount, rather than a percentage increase. The average salary adjustment is 5%.
The planned increases in transport allowances are particularly high, with some rising by 50-100%, though the average is around 40%.
Only 17% of respondents are considering increases in food subsidies, though most of those adjusting are doing so by large factors, some over 50%. Additionally, some are distributing actual goods, such as rice, or food vouchers.
Meanwhile, only 8% of respondents are contemplating layoffs.
The surveyed companies are not predicting a large cost effect, with 56% saying the impact on total compensation costs would be 1-3%. Another 37% said the adjustments would increase costs by 4-6%, and 7% predict a cost change of more than 6%.
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