24 May 2021 • 7 minute read
Reduction of Social Security contributions following third wave of COVID-19 in Thailand
Following the resurgence of COVID-19 cases in March 2021, the Social Security Office announced the reduction of mandatory social security contributions to be made to the Social Security Fund (SSF) to help ease the financial burden of employers and employees.
On 18 May 2021, the Cabinet has approved the reduction of: (i) mandatory contribution rate from 5% to 2.5% with a maximum of THB375 per month; and (ii) voluntary contribution rate for former employees continuing to contribute to the SSF after leaving their jobs from THB432 to THB216 per month. These reductions will be effective for three (3) months from 1 June 2021 – 31 August 2021. Nevertheless, the government may decide to extend the reduction period if COVID-19 cases in Thailand continue to rise rapidly with many businesses falling into financial difficulty.
On 18 May 2021, the Cabinet has approved the reduction of: (i) mandatory contribution rate from 5% to 2.5% with a maximum of THB375 per month; and (ii) voluntary contribution rate for former employees continuing to contribute to the SSF after leaving their jobs from THB432 to THB216 per month. These reductions will be effective for three (3) months from 1 June 2021 – 31 August 2021. Nevertheless, the government may decide to extend the reduction period if COVID-19 cases in Thailand continue to rise rapidly with many businesses falling into financial difficulty.
| Month | Employer | Employee |
| May | 5% maximum of THB750 | 5% maximum of THB750 |
| June | 2.5% maximum of THB375 | 2.5% maximum of THB375 |
| July | 2.5% maximum of THB375 | 2.5% |
| August | 2.5% maximum of THB375 | 2.5% |
| September | 5% maximum of THB750 | 5% maximum of THB750 |
| October | 5% maximum of THB750 | 5% maximum of THB750 |
| November | 5% maximum of THB750 | 5% |
| December | 5% maximum of THB750 | 5% |