Govt to forward wage hike assistance measures to Cabinet

Published on January 5, 2013 by TFP   ·   No Comments

BANGKOK, 5 January 2013 – The Prime Minister has called in nine ministries related to economy to discuss ways to help entrepreneurs deal with the global economic crisis and the 300-baht minimum wage policy. The government is prepared to seek approval from the Cabinet on measures to help cushion the impact of the wage hike on businesses.

Deputy Prime Minister and Finance Minister Kittiratt Na Ranong revealed after the meeting that the panel assessed that the US' implementation of the policy to tackle the Fiscal Cliff would be carried out in a gradual manner; therefore, other countries should not pin their hope on the US to lead the global economy as before. He said Thailand would have to to rely more on domestic consumption and increased domestic investment.

Mr Kittiratt believed the Thai economy will grow well in 2013 as the government's investment has been going as planned, while the private sector continues to invest.

The meeting has also come up with over 10 measures to help entrepreneurs cope with the 300 baht minimum wage, which has gone into effect nationwide since January 1st this year. The measures, which Kittiratt believe will help businesses adjust to the changes, will be proposed to the Cabinet for consideration on January 8th.

In the meantime, the Finance Minister also speculated that the tourism sector, which boasted 21 million travelers in 2012, will perform better this year; with the target being set at 22.5 million. As for export, he said the Commerce Ministry has set the export expansion target at 9%.

(NNT: Nuttaporn Chanchokpong Nuttaporn Chanchokpong)

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Article source: http://www.thethailandlinks.com/2013/01/08/govt-to-forward-wage-hike-assistance-measures-to-cabinet/