[THAILAND ECONOMIC NEWS] Good morning everyone I am Rumi Dhar from Kama Group.
Here I have important THAILAND economic news to share with you which is as mentioned
under.

Members of the Federation of Thai Industries (FTI) are concerned about the Move Forward
party’s policy to increase the minimum wage to 450 baht/day.

The Move Forward Party’s proposal to increase the minimum wage to 450 baht per day has
sparked mixed reactions from businesses and workers. While some see it as a way to boost
the purchasing power of low-income earners and stimulate the economy, others fear it will
lead to higher costs, layoffs and closures of small and medium enterprises (SMEs).


Key Takeaways:
Members of the Federation of Thai Industries (FTI) are expressing concern over Move
Forward party’s policy to increase the minimum wage to 450 baht/day.
Businesses want the minimum wage to be increased step by step instead of in one go,
so they will have time to make adjustments.
The MoU signed by the coalition led by Move Forward includes items such as abolition
of all monopolies, promotion of fair competition, land reform, improvement of electricity
production, and creation of a comprehensive welfare system.


Why does Move Forward want to raise the minimum wage?

According to Move Forward, the current minimum wage is not enough to cover the basic
needs of workers, especially in light of the rising cost of living and the economic fallout
from the COVID-19 pandemic. The party argues that raising the minimum wage will
boost domestic consumption, stimulate economic growth, and reduce social problems
such as crime and drug abuse.

The party also cites international studies that show that increasing the minimum wage
does not necessarily lead to job losses or inflation, as long as it is done gradually and
reasonably. The party points out that Thailand’s minimum wage is lower than that of
many other countries in the region.



Read more at: https://www.thailand-business-news.com/business/98341-move-forward-minimum-wage-increase-policy-under-scrutiny

KAMA GROUP
New Delhi
Have a nice day