TEMPORARY REDUCTION IN CONTRIBUTION RATES TO SOCIAL SECURITY FUND

 On 20 September 2022 the Cabinet has approved a draft ministerial regulation reducing certain social security contribution rates for 3 months as proposed by the Ministry of Labour.  It is expected that the ministerial regulation will be issued and officially promulgated in the Government Gazette within the end of September.

With the aim of assisting with cost-of-living increases, the new ministerial regulation will from 1 October 2022 to 31 December 2022 reduce social security contribution rates, from the current 5% of wages (capped at Baht 15,000) contributed by both employers and employees to 3% of wages (capped at Baht 15,000).  The government will still contribute at the rate of 2.75% as at present.

At the end of 3 months contribution rates will revert to their former levels. The breakdown of contribution rates is as follows:

Effective from 1st October to 31st December B.E. 2565 (2022)

 

No. Category of Contributions Contribution Rate
Government Employers Employees
1. accident or illness, disability, death, and maternity 1.5% 1.5% 1.5%
2. child support and retirement 1% 1% 1%
3. Unemployment

 

0.25% 0.5% 0.5%
Total contribution 2.75% 3% 3%

Effective from 1st January B.E. 2566 (2023) onwards

 

No. Category of Contributions Contribution Rate
Government Employers Employees
1. accident or illness, disability, death, and maternity 1.5% 1.5% 1.5%
2. child support and retirement 1% 3% 3%
3. Unemployment

 

0.25% 0.5% 0.5%
Total contribution

 

2.75% 5% 5%

If you have questions, please feel free to contact us at psl@pricesanond.com.

 

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