Contribution to Social Security Fund cut
Play
The Cabinet today approved the planned cut in contribution to the Social Security Fund, as a flood-relief measure to affected companies and employees.
Deputy Government Spokeswoman Anuttama Amornwiwat said after the Cabinet meeting that the contribution would be cut from 4.5 per cent to 1.5 per cent during Jan 1, 2012 and Dec 31, 2012.
Under the measure, contribution to the Social Security Fund from the government, employers and employees would be cut. The contribution from each of the parties would be cut from 1.5 per cent of employees' salary to 0.5 per cent.
Meanwhile, the Cabinet also approved a temporary increase in retirement compensation to employees who have entered the programme for 12 months or more. The compensation in the first six months of next year would be increased by 1 per cent of salary.
