⚡️ Flash October 2022 | Don’t Miss The Latest News 🗞
“New Minimum Wage” Rates &
Good News about reducing “Social Security Contributions 2022”
until the end of the year!
From 1 October 2022 onwards, the Ministry of Labor has adopted a resolution on increasing the minimum wage rates 2022 as follows:
* Chonburi, Rayong and Phuket: 354 baht
* Bangkok, Nonthaburi, Nakhon Pathom, Pathum Thani, Samut Prakan and Samut Sakhon: 353 baht
* Chachoengsao: 345 baht
* Phra Nakhon Si Ayutthaya: 343 baht
* Prachinburi, Nong Khai, Ubon Ratchathani, Phang Nga, Krabi, Trat, Khon Kaen, Chiang Mai, Suphan Buri, Songkhla, Surat Thani, Nakhon Ratchasima, Lop Buri and Saraburi: 340 baht.
* Mukdahan, Kalasin, Sakon Nakhon, Samut Songkhram, Chanthaburi and Nakhon Nayok: 338 baht
* Phetchabun, Kanchanaburi, Bueng Kan, Chainat, Nakhon Phanom, Phayao, Surin, Yasothon, Roi Et, Loei, Phatthalung, Uttaradit, Nakhon Sawan, Prachuap Khiri Khan, Phitsanulok, Ang Thong, Sa Kaeo, Buriram and Phetchaburi: 335 baht.
* Amnat Charoen, Mae Hong Son, Chiang Rai, Trang, Si Sa Ket, Nong Bua Lamphu, Uthai Thani, Lampang, Lamphun, Chumphon, Maha Sarakham, Sing Buri, Satun, Phrae, Sukhothai, Kamphaeng Phet, Ratchaburi, Tak, Nakhon Si Thammarat, Chaiyaphum, Ranong and Phichit: 332 baht
* Yala, Pattani, Narathiwat, Nan and Udon Thani: 328 baht
How should employers prepare for the new minimum wage rates?
In addition to employers having to pay more wages, please do not forget that there are other expenses related to wages as follows:
• Social security fund contribution
• Provident fund contribution
• Overtime and other salary-based expenses such as commission, bonus, etc.
Wages and salaries that raise the cost of a business are one of the challenges business owners face. In fact, what will help you assess whether a business is profitable or if there is enough cash flow is preparing the business information and the easiest way is to do “accounting”.
Good news! Social security contribution rates have been reduced for 3 months (Oct. 2022 – Dec. 2022)
Social security contribution rates for those insured under Section 33/39 have been reduced starting from October 2022.
Measures to help employees in the social security system by reducing contributions to the social security fund for both employers and employees are effective from 1 October 2022 – 31 December 2022 as follows:
▹ Employers and employees under Section 33
Social security contribution rate has been reduced from 5% to 3%, that is, reduce contributions to the social security fund from a maximum of 750 baht/month to a maximum of 450 baht/month.
▹ An insured under Section 39
Social security contributions have been reduced from 432 baht to 240 baht.
Please Note: While every effort has been made to ensure that the information contained herein is correct, MBMG Group cannot be held responsible for any errors that may occur. The views of the contributors may not necessarily reflect the house view of MBMG Group. Views and opinions expressed herein may change with market conditions and should not be used in isolation.
