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Cabinet to mull 2% cut in social security contribution (nationthailand.com)

Cabinet to mull 2% cut in social security contribution

EconDec 15. 2020

By The Nation

The Labour Ministry will ask the Cabinet on Tuesday to approve a reduction in workers’ and companies’ social security contributions from 5 per cent to 3 per cent of wages from January to March.

The reduction will cost Bt21 billion.

Social security contributions were cut to 2 per cent from September-November this year in a move to mitigate the impact of the Covid-19 pandemic.

Minister Suchart Chomklin described the latest proposal as a “New Year gift” to Thais.