Thai government slashes social security contributions to 3.0%

THAILAND: Thai employees will see their social security contributions slashed from 5% to 3% from October to December, the government announced.

Anucha Burapachaisri, deputy secretary-general for the prime minister said the same contribution will also be applied to the employers, but the contribution from the government will remain at 2.75%.

Under Section 39 of the labour law, contributions to the social security scheme will be reduced from 423 baht (SGD 16) to 240 baht (SGD 9) monthly from October to December.

Burapachaisri said the lower rate will see a loss of 10.7 billion baht (SDG 3,991,091) to the Social Security Fund.

Individuals covered by the social security scheme under Sections 33 and 39 can get free medical care at hospitals where they have registered and 50% of their salaries, but not over 15,000 baht (SGD 560) while undergoing treatment.

In case of permanent disability in the course of work, employees are also entitled to 50% of their salaries for their lifetime.

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