Also, employers will be able to reduce their contributions to the social-security scheme on a temporary basis. The employees’ contribution rate of 5 per cent would be lowered by the same rate over the same period. “I think the wage hike and the contribution to the social security scheme are two different things,” CTL president Manas Kosol said yesterday. He said the reduced contribution rate would affect employees’ old-age benefits, and noted that, at this point, the Social Security Office (SSO) had not yet approved the proposal. Labour Ministry’s spokeswoman Petcharat Sinauy said impacts on the old-age benefits would not be significant given that the reduced contribution rate would be valid for just one year.

Source: The Nation Bangkok January 22, 2018 12:24 UTC