Move Forward conceives policies to help SMEs tackle higher labour costs

The measures include:

• Assistance in social security contributions: Employers’ contributions to the social security fund may be adjusted to alleviate some of the financial burdens.

• Tax deductions for labour costs: Tax deductions or waivers may be offered to offset increased labour costs.

• Better access to capital: SMEs will be helped to secure funds needed to cope with higher wage expenses via loans or special funding programs.

• More channels for product sales: The party plans to explore ways to expand market opportunities for SMEs by promoting domestic consumption or exploring new export markets.

• Tax reduction: Move Forward has proposed reducing taxes by a minimum of 10% to help ease the burden on small businesses.

Move Forward Party has also been speaking to several relevant entities like the Federation of Thai Industries and the Thai Chamber of Commerce to discuss the policies and seek feedback.

Sirikanya Tansakul, deputy party leader and chief of its economic team, said Move Forward is also discussing its policies with potential coalition partners. The party has come up with a list of policies, including the daily wage increase, that it intends to implement in the first 100 days of government.

Sirikanya said Move Forward believes the wage increase is reasonable, especially when taking into account the very minimal adjustments made over the past eight or nine years.

She added that the party also hopes to put in place a system that will automatically adjust the minimum wages every year based on the cost of living and economic growth. This should give employers enough time to plan their budgets, she said

Move Forward understands the concerns of SMEs, which are crucial to the economy as they employ nearly 13 million people nationwide, she said.

However, she added, the party wants the economy to be fair and balanced for both workers and businesses.

Sirikanya said a large number of SMEs indicates a highly competitive system that fosters innovation and offers diverse products and services for consumers.

Currently, SMEs only account for 34% of Thailand’s GDP, proving that the economy is predominantly driven by large corporations.