Mitsubishi Elevator Asia Co has sacked 689 workers from its workforce because of falling sales since the start of the the coronavirus pandemic.
Labour Minister Suchart Chomklin said on Friday the company had laid off 686 employees on Thursday.
The company has been making elevators and escalators at its factory in Amata City Industrial Estate in Chon Buri for 28 years.
It has paid early retirement packages to 686 workers, with bonuses from 16 to 37 months and other benefits, depending on length of employment.
Mr Chuchart said 970 employees had applied for the packages due to the attractive payout.
The Facebook account of Amata City on Wednesday showed the company's departing staff posing for a group photo on their last day of work at the industrial estate, and wished them good luck.
Numsawrongran, another Facebook account, posted a video showing them hand in hand and singing outside the factory on their last day.
As the virus contnues to take its toll on the economy, the National Economic and Social Development Council warned in May that about 14 million people would lose their jobs, 2.5 million of them in the tourism sector.
Mitsubishi Elevator Asia did not post any messages about the job cuts on its website, but photos and videos of the laid-off workers circulated on social media.
Workers of Mitsubishi Elevator Asia on their last day of work at the Amata City Industrial Estate in Chon Buri.