FTI urges reduced social security minimum

FTI urges reduced social security minimum

Employment and spending still weak

The Federation of Thai Industries (FTI) has suggested the Labour Ministry further help employers and workers by reducing their mandatory contributions to the Social Security Fund to 1% for three months next year in a bid to maintain employment and stimulate spending.

If possible, the new measure should start from Jan 1, Suchart Chantaranakaracha, FTI’s vice-chairman for labour affairs, said at a recent talk on the issue with Labour Minister Suchart Chomklin.

The cabinet earlier resolved to have employers and employees make 2% monthly contributions, a drop from the normal 5% rate, from September to November this year to help them cope with the impact of the pandemic.

The reduction meant a payment of 300 baht, compared with maximum…