Summary
Both employees and employers fund Thailand’s social security system. Old-age, disability, survivors, sickness and maternity benefits, and family allowances are offered under voluntary cover for self-employed persons, and individuals with at least 12 months of compulsory cover who then cease to be covered. Thai citizens working abroad and self-employed persons are not covered by unemployment or work injury benefits. The Labor Relations Act is responsible for the provision of severance pay, sick leave, paid vacation, statutory holidays, and terms of employment. The workmen’s compensation insurance provides benefits when there is an occupational injury, illness, or death of an insured. The Thai pension system is divided into three pillars: the first pillar or state pension consists of Social Security Fund (SSF) and Old Civil Service Scheme (OCSS) to secure basic needs, the second pillar consists of the Government Pension Fund (GPF) and the National Saving Fund (NSF), and the third pillar is voluntary and privately financed personal provision. Private employee benefits are also gaining prominence in Thailand.
The report provides in-depth industry analysis, information and insights of the employee benefits in Thailand, including: overview of the state and compulsory benefits in Thailand, detailed information about the private benefits in Thailand, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Thailand.
Key Highlights
- Social security support provided to people in Thailand includes retirement, disability, non-work-related injury and illness, sickness and maternity benefits.
- The third pillar of employee benefits consists of privately financed voluntary personal provisions.
- Along with the social security system, the voluntary retirement mutual funds and the DC pillars for the private sector, the pension system is largely based on the World Bank model.
- The social security system of Thailand does not cover expatriates, students, servants, or employees working in small stalls for temporary periods.
Scope
- This report provides a detailed analysis of employee benefits in Thailand.
- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Thailand.
Reasons to buy
- Make strategic decisions using in-depth information related to employee benefits in Thailand.
- Assess Thailand's employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Thailand.
- Gain insights into key organizations governing Thailand's employee benefits, and their impact on companies.
'
Table of Contents
1 EXECUTIVE SUMMARY
2 INTRODUCTION
2.1 What is this Report About?
2.2 Definitions
3 COUNTRY STATISTICS
4 OVERVIEW OF EMPLOYEE BENEFITS IN THAILAND
5 REGULATIONS
6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of Retirement Plan
6.1.3 Age
6.1.4 Benefits
6.1.5 Payment Options
6.1.6 Typical employer practice
6.1.7 Employee and employer contributions
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment Options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment Options
6.3.5 Typical employer practice
6.3.6 Employee and employer contributions
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment Options
6.4.5 Typical employer practice
6.4.6 Employee and employer contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Typical employer practice
6.6 Workmen’s Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment Options
6.7.5 Employee and employer contributions
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment Options
6.8.5 Employee and employer contributions
6.9 Unemployment Benefits
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment Options
6.9.5 Employee and employer contributions
6.1 Leaves and Holidays
6.10.1 Annual leave
6.10.2 Public holidays
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical and Health Benefits
7.5 Other Benefits
8 APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Thailand- Country Statistics
Table 3:Thailand Unemployment Benefit - Severance Pay
Table 4: Thailand Leave - Fixed National and Public Holidays 2018
List of Figures
Figure 1: Thailand - Main Institutions of Social Security System
