Employee Benefits in Thailand 2020
Both employees and employers fund Thailand’s social security system. Old-age, disability, survivors, sickness and maternity benefits, and family allowances are offered under voluntary cover for self-employed persons, and individuals with at least 12 months of compulsory cover who then cease to be covered. Thai citizens working abroad and self-employed persons are not covered by unemployment or work injury benefits. The Labor Relations Act is responsible for the provision of severance pay, sick leave, paid vacation, statutory holidays, and terms of employment. The workmen’s compensation insurance provides benefits when there is an occupational injury, illness, or death of an insured. The Thai pension system is divided into three pillars: the first pillar or state pension consists of Social Security Fund (SSF) and Old Civil Service Scheme (OCSS) to secure basic needs, the second pillar consists of the Government Pension Fund (GPF) and the National Saving Fund (NSF), and the third pillar is voluntary and privately financed personal provision. Private employee benefits are also gaining prominence in Thailand.
The report provides in-depth industry analysis, information and insights of the employee benefits in Thailand, including: overview of the state and compulsory benefits in Thailand, detailed information about the private benefits in Thailand, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Thailand.
– The social security benefits provided to the people of Thailand include retirement, disability, survivor, non-work-related injury and illness, sickness and maternity, unemployment, and family benefits. Welfare programs related to child welfare and old age were introduced in 1998.
– The SSF was recognized under the Social Security Act BE 2533 for the security and stability of livelihood of citizens of Thailand.
– Social Security Office (SSO), established by the act, in the interest of all members, manages it. The fund covers benefits such as sickness, maternity, disability, death, child allowance, old age and unemployment.
– In Thailand, voluntary retirement benefits are provided through aprovident fund, which is a defined contribution scheme.
The report provides in-depth industry analysis, information and insights of the employee benefits in Thailand, including –
– Overview of the state and compulsory benefits in Thailand, detailed information about the private benefits in Thailand, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Thailand.
Reasons to Buy
– Make strategic decisions using in-depth information related to employee benefits in Thailand.
– Assess Thailand’s employee benefits market, including state and compulsory benefits and private benefits.
– Gain insights into the key employee benefit schemes offered by private employers in Thailand.
– Gain insights into key organizations governing Thailand’s employee benefits, and their impact on companies.
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