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Reduce social security payments for 3 months
Date Sep 01, 2020 at 3:02 PM
The Cabinet agreed to reduce social security payments for both employers and workers for 3 months, assessing the turnover in the economy at 24 billion baht.
Ms Ratchada Thanadirek, deputy spokesperson for the Prime Minister’s Office, said that the cabinet approved the draft announcement of the Ministry of Labor regarding the rules, procedures and conditions for contributions to the social security fund for both employers and employees. Reducing contributions to the Social Security Fund for both the employer and the employee under Section 33 to 2% of the insured employee’s salary.
For employees who are insured under Section 39, contributions must be paid 96 baht per month from 432 baht per month.
The reduction of payments will take effect for three months from September to November 2020, which the Ministry of Labor hopes to bring benefits. Reduce the burden on insurers by 12.79 million people, for a total of 1.3 billion baht and 4.78 billion employers, for a total of 1.1 billion baht, increasing turnover in the economy 24 billion baht.
“This measure is considered to save money for insured persons in a 3-month period under Section 33, 1,022 baht per person, Section 39 per person, 1,008 baht,” said Ratchada.
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