Thai government urged to introduce new economic stimulus package

BANGKOK, July 19 (TNA) - The Federation of Thai Industries (FTI) has called for the new administration to quickly announce a new stimulus package to boost the national economy in the second half of this year. FTI Chairman Supant Mongkolsuthree voiced the call on July 18, proposing that the newly-introduced economic stimulus package should include a measure in which a temporary waiver of employees' financial contribution to the Social Security Fund (SSF) be granted for a 6-12 month-period to boost their purchasing power, domestic consumption and the national economic growth. Supant told journalists that each employee has, so far, contributed 5 per cent of his or her monthly salary or wage to the official SSF, while his or her employer and the government have, respectively, contributed 5 per cent and 2.75 per cent to the SSF of each employee monthly. "The government has financially contributed only 2.75 per cent to the SSF of each employee. So, if employees were each granted a 6-12 month-waiver of their contribution to the SSF, they would have more money monthly for their individual consumption", the FTI chairman pointed out. Meanwhile, the FTI said, apart from the new economic stimulus package, the new Thai government should quickly disburse state budgets, through their agencies, to drive forward the national economy during the rest of the year, along with well-handling, through the Bank of Thailand (BOT), the value of the Thai baht to support Thai exports and further cutting the country's key interest rate to slow down capital inflows to appropriately handle the currency market. The FTI, however, maintained its opposition to a planned new minimum wage hike simultaneously to the single rate of 400 baht daily for each worker in all areas nationwide, stating that the new wage hike for workers should be between 2-10 baht daily based on the "Pay By Skill" principle, or each worker's skills. (TNA)