Labour Ministry Proposes Wage Hike Relief for SMEs

The Nation has reported that in response to the recent rise in the daily minimum wage, the Labour Ministry is preparing a relief package for small and medium-sized enterprises, including tax deductions and cheap loans.

Somkiart Chayasriwong, the permanent secretary for the Labour Ministry, stated that the package may include soft loans of 20 billion THB from the Small and Medium Enterprise Development Bank of Thailand along with tax deductions to employers of up to 1.5 times the rise in wages. The package would also include tax benefits in connection with the sale of used machinery and purchase of new machinery.

Once finalized by the Labour Ministry, the relief package will need to be approved by the Thai Cabinet. We will continue to monitor any developments and provide further updates.