The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is preparing to submit a petition letter to Prime Minister Paetongtarn Shinawatra on Friday, asking her to delay the plan to increase the daily minimum wage to 400 baht on Jan 1 next year as businesses are struggling to deal with the sluggish economy.
The group is not opposed to a wage hike, but the increase must be approved by the tripartite wage committee, said Sanan Angubolkul, chairman of the Thai Chamber of Commerce, a key member of the JSCCIB.
The committee comprises representatives from the government, employers and employees.
"The economy has yet to fully recover from the impact of the pandemic. If the government pushes ahead with its wage hike, businesses will bear the brunt," said Mr Sanan.
The wage rise is among the flagship policies of the Pheu Thai Party, which leads the coalition government.
A Labour Ministry source said earlier the ministry plans to increase the daily wage to 400 baht nationwide on Jan 1 as a New Year's gift for workers.
A new tripartite wage committee will be established, with two new government representatives proposed to sit on the panel, said the source.
While the new wage will apply nationwide, exceptions will be made for small and medium-sized enterprises (SMEs), which will be given a one-year adjustment period, the source said.
The JSCCIB also expressed concern over the impact of severe floods on the economy this year.
The recent inundations in the Deep South could cause 5-10 billion baht in damage, the group said, citing an estimate from the University of the Thai Chamber of Commerce.
If the damage is combined with flooding in the North and Northeast in September, the damage value totals 80-85 billion baht, representing 0.6% of GDP.
The JSCCIB expects GDP to grow by 2.8% this year, with exports expanding by 4% and inflation of 0.5%.
The group said it plans to talk with the Finance Ministry and Bank of Thailand on Dec 11 about chronic debt, hoping to assist automotive and real estate businesses, said Phacharaphot Nantramas, a representative from the Thai Bankers' Association.
New measures are needed to deal with the high level of household debt, which caused banks to tighten lending criteria for loans in these two sectors.
Thawee Piyapatana, senior vice-chairman of the Federation of Thai Industries, said the government will also be asked to set up an SME fund, worth 200-300 million baht, to help SMEs dealing with liquidity problems as they struggle to access financial sources.
The fund would grant low-interest loans to SMES, he said, with an exemption on interest payment for three years.