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THAILAND SOCIAL SECURITY FUND Thailand’s Social Security System is funded by the contributions from workers or insured person, employers, as well as additional contributions from the government. Employers or companies with 1 or more employees, from 15 to 60 years old, must register and submit their employees’ Social Security Fund application to the Social Security System of Thailand within 30 days from the date the employee has began to work. Any changes in the status of employment must be reported to the Social Security Office not later than the 15th day of the following month effecting the change. Voluntary contributions can be made by paying 9% of your earnings up to 4,800 THB each month. Employees earning less than 1,650 shall not make contributions. Foreigners legally working in Thailand must also register to the social security office and they will be given the same benefits as insured Thai nationals. The coverage does not include regional, local and foreign government employees, Thai nationals working in a foreign country, private school teacher or headmaster, students or undergraduate trainees employed by schools, universities or hospitals, judges, civil servants, and employees of state enterprises. The claim must be made within 2 years and the Social Security Officer has the discretion to decide on the claims depending on each case. If after the notice to receive the funds has been sent and the funds are not claimed within 2 years, it shall then become the property of the Social Security Office. Social Security Fund Benefits Sickness The insured employee must have a minimum of 3 months contribution within the last 15 months to avail free medical care at the registered hospital including prescribed medicines. A cash sickness benefit may also be claimed computed at 50% of the average daily rate, which shall not exceed 90 days each time and for a maximum of 180 days/year and maximum of 365 days for chronic illness. Maternity A minimum of 5 months contributions in the last 15 months can avail the maternity benefits such as Medical Care amounting to 13,000 Baht and cash benefit computed at 50% of the average daily rate during the maternity leave for 90 days. Invalidity or Disability The employee can make a claim if he or she is unable to perform work, provided he or she must have made at least 3 months contributions within the last 15 months. The employee shall be entitled to a Medical Care By: Magna Carta Law Office reimbursement according to Medical committee and a cash benefit computed at 50% of average wages for the whole life. Death The insured employee must have at least 1 month contribution within 6 months before death. The recipient is entitled to 50% of the wage payment multiplied by 4 according to the law if the insured person contributed for more than 36 months, but less than 120 months. In case the insured employee contributed for more than 120 months, the recipient is entitled to 50% of the wage payment multiplied by 12 according to the law. In addition, the survivors shall receive Funeral Grant amounting to 40,000 Baht. Child Allowance A family can claim an allowance for a maximum of 3 children, with the age of up to 15 years old, amounting to 400 Baht for each child per month if they are registered in the social security system. The family must have made a minimum of 12 months contributions within the last 36 months. Old Age Pension A person must be retired with the age of at least 55 years old with more than 180 months contributions. The claimant shall be entitled to a cash benefit or pension equivalent to 20% of his average wage for the last 60 months and 1.5% per additional 12 months of contributions above 180 months. For pensioners who contributed more than 12 months but less than 180 months shall be entitled to a lump sum equal to the contribution from the employee and his employer plus interest. For those with less than 12 months contribution, they are entitled to a lump sum equal to the contribution from employee. If the insured employee dies before obtaining old-age benefits, and his or her parents, children and spouse have passed away, the oldage benefits will go to other surviving relatives. Unemployment The claimant needs to meet certain criteria and must have made at least 6 months contributions within 15 months before unemployment and has registered at the Public Employment Office as job seeker within 30 days after being unemployed. In case of being laid off, the insured person shall receive 50% of average wages up to 180 days within 1 year. For an employer who resigned voluntarily shall receive 30% of average wages up to 90 days within 1 year. The recipient can make a claim if the employer ceases to operate the business for a temporary period due to force majeure. BUSINESS SUPPLEMENT LOW COST CAR HIRE Hatchback, Saloons, SUV & Trucks PHONE HOTLINE Daily 9am till 6pm WWW.DOOR2DOORPATTAYA.COM Fridge Empty... SPECIAL OFFER New Toyota Yaris 7 Day Rental Only 5,999 Baht All inclusive First class rental insurance Unlimited kilometres 24 Hour breakdown cover Flexible hire terms 0830 776 928 0863 329 077 0952 480 084 RENTING A CAR MADE EASY www.pattayarentacar.com Your Emergency Number 038 720 222 DOOR 2 DOOR IS PATTAYA'S FIRST LEADING FOOD DELIVERY SERVICE SINCE 2003 WE HAVE THE BEST INTERNATIONAL & THAI RESTAURANTS LISTED IN PATTAYA Open 10am - 2am LIKE US ON powered by ADD LINE High Tower Co., Ltd. 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BUSINESS SUPPLEMENT FOREIGN CURRENCY UPDATE The dollar has had rather a flat month with the DXY Dollar index, (an index that measures the US Dollar’s value against a number of other currencies), moving between 95.5 and 94.1 and settling at 95.37. This consolidation comes after several months of a strengthening dollar so it could signal a pause before another leg higher rather than a reversal. However much depends on the outlook for U.S. interest rates and with the benchmark 10 year yield falling back below 2.9% rates seem to be muted for now. Look out for hints from the Federal Reserve for the direction of future rate policy. Against the Thai Baht, the U.S. Dollar actually advanced fairly significantly from 32.43 to 33.41 indicating weakness in the Thai baht. There has been no real respite for those with a bullish outlook for the British Pound as it stayed range bound at its recent lows and then resumed a move even lower again. It just goes to show that in the currency markets, enough is never enough. The British Pound moved from 1.3150 against the U.S. Dollar to 1.3310 before retreating back to 1.3200 and then down to 1.3024. The move could be attributed to a possible no-deal Brexit scenario, as well as senior resignations from the UK Government surrounding the ongoing Brexit negotiations. Against the Thai Baht the British Pound managed to negate its weakness due to the softer Thai baht, moving from 43.04 to 43.44. The US Dollar vs. Japanese Yen cross rate was the big mover rising from 108.80 to 113.05, a steep climb. Of course the higher the cross rate, the weaker the Yen so it’s actually a steep descent for the Japanese currency. This was also against a flat dollar indicating that the Yen itself was behind the move. It may also be driving the trend of other Asian currencies weakening. Against the Thai Baht, since it weakened also, the net result was a flat month with the currency moving just slightly from 0.2934 to 0.2936 Despite one or two dips below 62 to the U.S. Dollar, the Russian Ruble was largely flat against its American counterpart. It moved from 63.68 to 63.36 in trade that was choppy but constrained. The Trump-Putin summit did little to affect the value of the Russian currency. Against the Thai Baht, the Ruble was up from 0.5160 to 0.5500 reflecting Thai baht weakness during the period. The Euro has suffered a similar fate as the British Pound of late, consolidating after a significant sell off during the past few months with little in the way of a rebound. Attempts to break the Euro through 1.1750 against the US Dollar failed and the Euro settled at 1.1616. Whether further falls are ahead is difficult to tell but the weakness certainly persists for now judging by the inability of the Euro to climb meaningfully from its lows. Against the Thai Baht, the Euro rose from 37.60 to 38.75 due to Thai baht weakness. ONLY 3 EXCLUSIVE VILLAS REMAINING! Just South of Pattaya, this exclusive small project is set among coconut trees. Privacy, Luxury and Top Quality are the keywords that come to mind. From 6.9 MB English, French, German, Dutch Thai Chinese Email: lex@thehuayyairiverside.com Thehuayyairiverside.com Email: ben.hightowerltd@gmail.com www.Thailand-Business-Supplement.com
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