The Cabinet has approved the setting up of the National Pension Fund (NPF), a new mandatory retirement savings scheme for formal sector workers.
This includes 250 billion baht worth of soft loans for SMEs that will help them access credit, and 100 billion baht for loan repayments.
It aims to promote sustainable business operations in all dimensions of the capital market industry.
The government is currently preparing additional measures to help local SMEs, which will cover up to 50 to 80% of SMEs various expenses.
The third phase of its handouts would allow for financial assistance for public services, such as public transport costs.
In February, 114,101 newly unemployed workers registered for financial aid, while 487,143 people updated their unemployment status.
Businesses should speed up on training programmes for skills development for their workers as companies have turned to automation and AI, Pichayanan said.
Under its social security system, the government has approved a scheme that will give salaried workers 4,000 baht (US$134) each.
Prime minister Prayut Chan-o-cha has given the go-ahead for financial aid costing 40 billion baht to help employees left out under previous schemes.
The Tourism Council of Thailand wants to implement a dedicated support programme for tourism workers to reskill and upskill by March.
The training programmes may also need to focus on promoting livelihoods and self-employment skills in rural areas, said the World Bank
To help workers laid off due to the recent resurgence of COVID-19, the Labour Ministry has compiled a list of 58,151 job openings.
Finance minister Arkhom Termpittayapaisith has proposed for 210 billion baht (US$7 billion) to be given as cash handouts to individuals and companies.
The measures include soft loans and lower utility bills, and aim to boost liquidity for businesses, provide debt relief and unemployment support.
The new loan programmes have a combined loan guarantee of 40 billion baht, and will be rolled out through six financial institutions.
Out of the six leading economies in Southeast Asia, three countries are expected to expand in 2021, while others will struggle to recover.
Thailand’s Board of Investment also found that 76.67% of firms will maintain the same level of investment, while 19.33% of businesses intend to increase their investment value.
The Bank of Thailand (BoT) has further relaxed rules on a soft loan programme to help SMEs financially.
The government plans to revise various regulations in immigration, foreign business and other areas to attract more foreign direct investment next year.
The country aims to teach 5,200 vocational students per year to meet the estimated future demand of 200,000 robotics-trained workers by 2024.
Thailand’s central bank has provided 500 billion baht in soft loans for financial institutions to re-lend to SMEs.
The tourism subsidy package will run until Jan 31 next year, while a separate co-payment scheme will end on Dec 31.
The top 10 countries expected to see the largest real salary increase are from the Asia-Pacific region.
Thailand’s economy contracted by 6.4% in the third quarter, improving from its 12.1% slump in the previous quarter.
Migrant workers from Cambodia, Laos and Myanmar with work permits expiring next year can continue working in Thailand for up to two more years.
Thailand’s NSF, a voluntary pension fund, has signed an MoU with Grab to recruit more members. while planning for their retirement.
The latest announcement by comes as the ailing airline continues to struggle against the backdrop of the COVID-19 pandemic.
A new scheme will allow tourists to visit designated areas within some Thai provinces as the country prepares to allow more tourists back into the country.
More than 100 companies in Thailand have pledged to help the United Nations bridge the gender equality gap in the country.
The latest injection of cash aid by the Thai government aims to boost the economy and preserve jobs.