BANGKOK, July 26 (TNA) — The Board of Trade of Thailand has warned against the government’s policy to increase the daily minimum wage to 400 baht, saying impacts would be too heavy.
Poj Aramwattananont, vice chairman of the board, said the policy to set the minimum daily wage at 400-425 baht worried all sectors with employment including small and medium-sized enterprises, farming, the service sector and the tourism industry. Also, general people were concerned about increasing cost of living, he said.
If the minimum daily wage exceeds 400 baht, more than 200 billion baht will be circulated in the economy but, in the meantime, costs will rise and foreign investors’ confidence will be shaken, Mr Poj said.
Thanavath Phonvichai, economic and business forecasting director of the University of the Thai Chamber of Commerce, said the Board of Trade of Thailand and the Thai Chamber of Commerce surveyed opinions of members of local and foreign chambers of commerce in the country and found that 93.9% of respondents disagreed with the wage hike.
Respondents warned that the wage rise would further undermine Thailand’s competitiveness as its minimum daily wage was already the highest in Southeast Asia. (TNA)
