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Cheers employer-employee! Green Light Cabinet Reduces Social Security Contributions to 3% Over 3 Months, Improving Liquidity During COVID Outbreak
On December 22 at Government House, Ms. Ratchada Thanadirek, Deputy Spokesperson for the Prime Minister’s Office Bulletin of the Cabinet Meeting (Cabinet) that the Cabinet approved a draft Ministerial Regulation that prescribes the contribution rate of the Caja de Seguridad Social BE This is a 3-month reduction in the contribution rate of the Social Security Fund to alleviate the complaints of insurers and employers affected by the new coronavirus outbreak, with the following key points:
1. Reduce the contribution rate of the employer and the insured in accordance with Section 33 from the original 5 percent to 3 percent so that the government sends the same rate of 2.75 percent for the insured person, and section 39 of the Insured person must reduce the Social Security Fund contribution rate from 432 baht per month to 278 baht per month for a period of 3 months from January 1, 2021 to March 31, 2021.
2. From January 1, 2021 through March 31, 2021, the government, employers, and insurers pursuant to Section 33 will issue contributions to the fund for compensation benefits in the event of injury or illness, disability, death, and cases maternity. 1.05 each
– Compensation for child benefits And in the case of old age For employers and insurers, 1.85 percent and the government adjusted to 1.45 percent.
– Payment of unemployment benefits For employers and insurers, 0.1 percent was adjusted and the government adjusted 0.25 percent.
3. From April 1, 2017 onwards, the government, employers and insurers under Section 33 will issue contributions to the fund for compensation benefits in the event of injury or illness, disability, death and childbirth 1.5%.
– Compensation for child benefits AND in the case of old age For employers and insurers, 3 percent and government 1 percent.
– Payment of unemployment benefits For employers and insurers, 0.5% and the government 0.25%.
Ms. Ratchada said that reducing the contribution rate would benefit insurers and employers. It allows insurers to spend between 460 and 900 baht per person for 3 months, for a total of 8.248 million baht for employers. This will cause employers to pay a total of 7.412 million baht in contributions, which will help ease the burden and help maintain employment.
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