Economics
Wage rise to 300 Baht: Production costs in Thailand up 16 %
Entrepreneurs’ production costs in Thailand have risen 16 per cent on average due to the minimum wage rise to Bt300/day, causing higher prices of goods of almost 14 per cent, according to Dhurakij Pundit University Research Center (DPURC)
Entrepreneurs’ production costs in Thailand have risen 16 per cent on average due to the minimum wage rise to Bt300/day, causing higher prices of goods of almost 14 per cent, according to Dhurakij Pundit University Research Center (DPURC). Director Kiatanan Luankaew spoke of the university’s research on ‘Minimum Wage: Lessons, Impacts, and Adjustment’ in seven Thai pilot provinces.
The research also indicated that as a result of the wage rise, some 38 per cent of 900,000 small and medium-sized entrepreneurs (SMEs) in the seven provinces might have had to stop hiring workers who are under 20 years old in the next eight months, for they will have the right to a wage increase within 12-18 months.
Some 5.5 million people working in factories, trade and services sectors are entitled to receive the government's minimum wage of Bt300/day, according to the Ministry of Labour and Social Welfare.
Some 76 per cent of employers have chosen to adjust by encouraging their employees to work more efficiently, 61 per cent have tried to reduce other production costs apart from labour costs, and 45 per cent will start using machinery in their businesses instead of labour.
Mr Kiatanan said that the Bt-300 minimum wage has made Thailand’s minimum wage similar to that of the Philippines and higher than other countries in the South East Asian region. Such payment is 14 per cent higher than that in Malaysia, 92 per cent higher than Indonesia, 220 per cent higher than Laos, and 380 per cent higher than in Cambodia. The wage increase will affect Thailand’s ability to compete in the long run, particularly entrepreneurs depending mostly on labour, Mr Kiatanan added. Read More
Economics
Thai fruit exports to FTA markets up 107 percent
China, Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Australia and Chile are top importers of Thai fruits, especially fresh durian, mangosteen, longan and mango. Thai exporters are able to benefit from FTA privileges.
BANGKOK (NNT) – Thailand’s fruit exports continue to increase, despite the sluggish global economy caused by the COVID-19 pandemic, with key trade partners being countries that have free trade agreements (FTAs) with the kingdom.
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BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.
The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.
Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.
The campaign has already been extended once, with the current end date set for 31st March.
The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.
The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.
Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.
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