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New Social Security Fund Contributions Rates in Thailand
26/10/2022
A new Ministerial Regulation has been issued designed to increase the rates of Social Security Fund (SSF) contributions. This new regulation was published on the 5th of October 2022 and will retrospectively come into force from the 1st of October 2022.
In this blog post we will take a look at the new SSF contribution rates.
Key points
- As of the first of October 2022, Social Security Contribution Funds will increase.
- From the 1st January 2023 onwards, the social security rates will change again.
What are Social Security Fund contributions?
Thai employment law provides that the Government, an employer, and an insured person must make contributions to the Social Security Fund for payment of compensation benefits relating to injury, sickness, disability, death, child delivery, child welfare, old age, and unemployment.
What are the new Social Security Fund contribution rates?
From the of 1st October 2022 until the 31st December 2022, the social security rates will be as follows:
Contributions for payment of compensation benefits in cases of injury, sickness, disability, death and child delivery
| Contributors | Contribution rate (% of wages of the insured person) |
| Government | 1.5 |
| Employer | 1.5 |
| Insured Person | 1.5 |
Contributions for payment of compensation benefits in cases of child welfare and old age
| Contributors | Contribution rate (% of wages of the insured person) |
| Government | 1 |
| Employer | 1 |
| Insured Person | 1 |
Contributions for payment of compensation benefits in case of unemployment
| Contributors | Contribution rate (% of wages of the insured person) |
| Government | 0.25 |
| Employer | 0.5 |
| Insured Person | 0.5 |
What will the new Social Security Fund contribution rates be after January 1st, 2023?
From the 1st January 2023 onwards, the social security rates will be as follows:
Contributions for payment of compensation benefits in cases of injury, sickness, disability, death and child delivery
| Contributors | Contribution rate (% of wages of the insured person) |
| Government | 1.5 |
| Employer | 1.5 |
| Insured Person | 1.5 |
Contributions for payment of compensation benefits in cases of child welfare and old age
| Contributors | Contribution rate (% of wages of the insured person) |
| Government | 1 |
| Employer | 3 |
| Insured Person | 3 |
Contributions for payment of compensation benefits in case of unemployment
| Contributors | Contribution rate (% of wages of the insured person) |
| Government | 0.25 |
| Employer | 0.5 |
| Insured Person | 0.5 |
How can Belaws help?
To learn more about social security contributions and payroll in Thailand, why not take a look at our Payroll services.
Additionally, you can talk directly to one of our experts.
Please note that this article is for information purposes only and does not constitute legal advice.
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Frequently asked questions
Can a foreigner open a company in Thailand?
Yes it is possible for a foreigner to open a company in Thailand. There are also options available which allow 100% foreign owned companies as well.
How much does it cost to set up a company in Thailand?
The official fees for registering a company in Thailand are THB 7,500.
How do I start a limited company in Thailand?
- Step 1: Choose and register a company name.
- Step 2: Draft and file the Memorandum of Association.
- Step 3: Call and hold a Statutory Meeting of the shareholders
- Step 4: Register the Company with the Ministry of Commerce.
- Step 5: Register the company for Value-Added Tax (VAT) and Income Tax
Is it good to start a business in Thailand?
Thailand is an attractive option for those wishing to start a business. Thailand has a great infrastructure in place and scheme such as the BOI provide great incentives for companies to take advantage of.
How much money do you need to start a business in Thailand?
Typically, it costs between THB 40,000 to THB 60,000 (excluding VAT and Government fees) to start a business in Thailand.The official fees for registering a company in Thailand are THB 7,500.
How can a foreigner start a small business in Thailand?
Yes, foreigners can start a business in Thailand. However, certain business activities are restricted by the Foreign Business Act and in order for businesses to undertake them they must obtain a Foreign Business Licence/Certificate which can be time consuming and complicated.
What is the biggest problem in Thailand?
The biggest problem facing foreign owned companies is being able to undertake their desired business activity as a 100% foreign owned company. Many business activities are protected by the Foreign Business Act and in order for a company to operate in these protected industries, they will be required to be majority owned by Thai Shareholders (unless a BOI promotion has been obtained).
Why is it hard to do business in Thailand?
The Foreign Business Act limits to the business activities a 100% foreign owned company can undertake. This means Thai Shareholders will need to be sought or a BOI promotion obtained in order for a company to legally operate.
Can I own a company in Thailand?
Yes, foreigners can start a business in Thailand. However, certain business activities are restricted by the Foreign Business Act and in order for businesses to undertake them they must obtain a Foreign Business Licence/Certificate which can be time consuming and complicated.
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