Cabinet cuts social security contributions by 1% | Bangkok Post: news

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Cabinet cuts SSF contributions by 1%

The cabinet has approved a proposal to cut employee and employer contributions to the Social Security Fund (SSF) by 1% each, down to 4% from the current 5%.

Padermchai Sasomsap (Photo by Pattanapong Hirunard)

Labour Minister Padermchai Sasomsap said after the cabinet meeting on Tuesday the measure is aimed at minimising the impact of the government’s 300 baht daily minimum wage nationwide policy on manufacturers, which took effect from Jan 1.

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  • onlyme

    BotswanaPost : 410

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    Discussion 3 : 29 Jan 2013 at 20.133

    Not a knock on the concept, only a question of where does the money come from to compensate the cost? What is the previous, current and future budget surplus and how were the figures arrived at?

  • 30+YearResident

    ThailandPost : 45

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    Discussion 2 : 29 Jan 2013 at 19.522

    While this guy is trying to generate ways to lessen various burdens on SME's, I can still never figure out why the "kadiet" who drafted the original Social Security Fund Act, put the cap on contributions at only 15,000 Baht per month for calculations of employee & employer contributions. Not to mention my own salary, my staff have always earned well more than this and would, together with myself as employer, be very happy to contribute what ever the going rate is of contributions to the Social Security Fund based on real salary so we could realize full benefit of this when we reach retirement age. Who can possibly live on 500 Baht/month?

  • pete

    ThailandPost : 434

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    Discussion 1 : 29 Jan 2013 at 19.001

    10) It will reduce the amount the employee receives for his pension upon retirement.

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