Social Security Contributions reduced for Q4 2022
25 October 2022On 20 September 2022 the Cabinet approved measures to reduce social security contributions.
Contributions for both employers and employees will be reduced from 5% to 3% for three months from October to December 2022.
The monthly wage base for contributions ranges from THB 1,650 to a maximum of THB 15,000 for each employee. The maximum monthly contributions are therefore reduced to THB 450 per month for both employers and employees.
Monthly contributions by voluntary insured persons under Section 39 of the Social Security Act have also been reduced to THB 240 per month (from THB 432 per month) for three months from October to December 2022.
In the week before, the Cabinet resolved to approve the minimum wage rates as proposed by the Ministry of Labor, representing an average wage increase of 5.02%. The new minimum rates will be announced effective from October 1, 2022.
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