Cabinet Approves Reductions in Social Security Contributions

The Thai National News Bureau March 23 announced the Cabinet has approved reductions in monthly social security contributions for both employers and employees as part of a 70 billion baht package of measures to help mitigate the impact of rising fuel prices.

Monthly Social Security Fund contributions for salaried employees covered under Section 33 of the Social Security Act will be reduced from 5% to 1% from May to July, while payments for former employees covered under Section 39 will be lowered from 9% to 1.9% during the same period.

Non-mainstream, “independent” workers engaged in small-scale trading, such as vendors and farmers, who are covered by Section 40, will see their monthly contributions reduced to between 42 and 180 baht.