Thailand Announces Social Security Assistance
Tilleke and Gibbins, one of our Corporate Members, provide us with due to the resurgence of COVID-19 in Thailand, Thailand Announces Social Security Assistance for the Third Wave of COVID-19 since March 2021. The Cabinet has approved new reductions in employers’ and employees’ mandatory contributions to the Social Security Fund (SSF).
The Thai Cabinet has approved new measures that reduce the mandatory contributions that employers and employees must make to the Social Security Fund (SSF). This reduction in contributions is intended to provide financial relief to those who have been affected by the pandemic, particularly those who have lost their jobs or have had their income reduced. This social security assistance is part of the Thai government’s efforts to support those who have been impacted by the pandemic and to mitigate its economic consequences for Third Wave of COVID-19.
Contribution rates will be calculated as a percentage of each employee’s monthly wages, based on a minimum and maximum monthly salary that will be confirmed in the formal regulation published in the Government Gazette. Effective May 18, 2021, the new contribution rates for mandatory SSF contributions approved by the cabinet are as follows:
From June 1 to August 31, 2021
From September 1, 2021, onward
The approval of the cabinet will now be considered by the Office of the Council of State. After that, the new regulation will be published in the Government Gazette before formally coming into effect.