Employee Benefits in Thailand 2021

Employee Benefits in Thailand 2021

Summary

Both employees and employers fund Thailands 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 workmens compensation insurance provides benefits when there is an occupational injury, illness, or death of an insured. The Thai pension system is divided into four 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 which provides benefits through the Provident Fund, the Retirement Mutual Fund and the National Savings Fund. 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 an 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

- Thailands pension system was completely reorganized in the late 1990s. It is divided into three pillars.
- The Ministry of Labor and Social Welfare is responsible for setting wages, according to regional variations.
- The voluntary retirement benefits are provided through a provident fund, which is a defined contribution scheme.
- Workmens compensation insurance provides partial benefits in the event of an occupational injury, illness, or death of an insured person.

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, workmens compensation insurance, maternity and paternity benefits, family benefits, unemployment, long-term care benefits, 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 Lithuanias 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 Lithuanias employee benefits, and their impact on companies.

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
- Introduction
- Eligibility
- Benefits
- Payment options
- Contribution
6.2 Death in Service
- Introduction
- Eligibility
- Benefits
- Payment options
- Contribution
6.3 Long-Term Disability Benefits
- Introduction
- Eligibility
- Benefits
- Payment options
- Contribution
6.4 Short-Term Sickness Benefits
- Introduction
- Eligibility
- Benefits
- Payment options
- Contribution
6.5 Medical Benefits
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
6.6 Workers Compensation insurance
- Introduction
- Eligibility
- Benefits
- Payment options
- Contribution
6.7 Maternity and Paternity Benefits
- Introduction
- Eligibility
- Benefits
- Payment options
- Contribution
6.8 Other Benefits
- Unemployment Benefits
- Family Benefits
- Leaves and Holidays
7. Private Benefits
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental and Dismemberment Benefits
7.6 Other Benefits
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List Of Tables

Table 1: Insurance Industry Definitions
Table 2: Thailand - Country Statistics
Table 3: Thailand -Unemployment Benefit - Severance Pay
Table 4: Thailand- Fixed National and Public Holidays 2021

List Of Figures

Figure 1: Thailand - Main Institutions of Social Security System

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