Thailand Statutory and Private Employee Benefits, 2023 Update

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Thailand Statutory and Private Employee Benefits Report Overview

Both employees and employers fund Thailand’s social security system. Old age, disability, survivors, sickness and maternity benefits, and family allowances are offered under voluntary cover for self-employed persons and individuals with at least 12 months of compulsory cover who then cease to be covered.

The workmen’s compensation insurance in Thailand provides benefits when there is an occupational injury, illness, or death of an insured. The Thai pension system is divided into four pillars: the first pillar or state pension consists of the Social Security Fund (SSF) and Old Civil Service Scheme (OCSS) to secure basic needs, the second pillar consists of the Government Pension Fund (GPF) and the National Saving Fund (NSF), and the third pillar is voluntary and privately financed personal provision which provides benefits through the Provident Fund, the Retirement Mutual Fund, and the National Savings Fund. Private employee benefits are also gaining prominence in Thailand.

The Thailand employee benefits market research report provides in-depth industry analysis, information, and insights into employee benefits in Thailand, including an overview of the state and compulsory benefits in Thailand, detailed information about the private benefits in the country, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Thailand.

Key Regulations The Provident Fund Act of 1987, The Workmen’s Compensation Act of 1994, The Labor Relations Act of 1975, and The Labor Protection Act of 1998
Key State and Compulsory Benefits Retirement Benefits, Death in Service, Long-Term Disability Benefits, Short-Term Sickness Benefits, Medical Benefits, Workers’ Compensation Insurance, Maternity and Paternity Benefits, and Other Benefits
Key Private Benefits Retirement Benefits, Death Benefits, Medical Benefits, Disability Benefits, Accidental Death and Dismemberment Benefits, and Other Benefits

Regulations Guiding Employee Benefits Market in Thailand

Some of the key regulations guiding the employee benefits market in Thailand are The Provident Fund Act of 1987, The Workmen’s Compensation Act of 1994, The Labor Relations Act of 1975, and The Labor Protection Act of 1998 among others.

Thailand Employee Benefits Market Segmentation by State and Compulsory Benefits

The key state and compulsory benefits offered by employers in Thailand are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity and paternity benefits, and other benefits.

Workers’ Compensation Insurance: Workmen’s compensation (work injury benefit) in Thailand is regulated by the Workmen’s Compensation Act of 1994. Employees are entitled to receive medical expenses from their employer of up to THB50,000 ($1,426.1) if they suffer from a work injury or illness. Furthermore, if the additional medical expenses are insufficient, then the employer must pay the hospital expenses as much as necessary.

Short-Term Sickness Benefits: The sickness benefits paid are 50% of the insured’s average daily wage in the highest-paid three months of the nine months before the incapacity began. The benefits are paid from the first day of the sickness period, which is the day of certified absence from work, and are usually paid up to 90 days, and not more than 180 days in a year. In cases of chronic situations, the benefits may be extended up to 365 days.

Thailand Employee Benefits Market Segmentation by Private Benefits

The key private benefits offered by employers in Thailand are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.

Death Benefits: The prevalence of employer-sponsored life insurance is very low in Thailand. Some employers provide death benefits through group life insurance plans, packaged group health plans, or group personal accident plans. Employees are provided 24-hour worldwide protection in case of death due to illness or accident.

Medical Benefits: Generally, the benefits provided include under group medical plans include inpatient, outpatient, maternity, dental, vaccination, alternative therapy, newborn child coverage, chronic condition, emergency evacuation, and pre-existing condition coverage.

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This report provides a detailed analysis of employee benefits in Thailand –

  • It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits.
  • It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen’s compensation insurance, maternity and paternity benefits, family benefits, unemployment benefits, Long-term care benefits, leaves and holidays, and private benefits.
  • It highlights the economic and regulatory situations relating to employee benefits in Thailand.

Key Highlights

• The Ministry of Labor (MOL), and Social Security Office (SSO) organizations are responsible for the functioning of the overall social security system.

• A person’s national insurance contribution is determined based on their income.

• An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to a credited contribution.

• In Thailand, employers provide voluntary retirement benefits to their employees through provident funds.

Reasons to Buy

  • Make strategic decisions using in-depth information related to employee benefits in the country.
  • Assess employee benefits of the market, including state and compulsory benefits and private benefits.
  • Gain insights into the key employee benefit schemes offered by private employers in the country.
  • Gain insights into key organizations governing the employee benefits market, and their impact on companies.

Table of Contents

  • 1. Executive Summary
  • 2. Introduction
  • 2.1 What is this Report about?
  • 2.2 Definitions
  • 3. Country Statistics
  • 4. Overview of Employee Benefits in Thailand
  • 5. Regulations
  • 6. State and Compulsory Benefits
  • 6.1 Retirement Benefits

    • – Introduction
    • – Eligibility
    • – Benefits
    • – Payment options
    • – Contribution

  • 6.2 Death in Service

    • – Introduction
    • – Eligibility
    • – Benefits
    • – Payment options
    • – Contribution

  • 6.3 Long-Term Disability Benefits

    • – Introduction
    • – Eligibility
    • – Benefits
    • – Payment options
    • – Contribution

  • 6.4 Short-Term Sickness Benefits

    • – Introduction
    • – Eligibility
    • – Benefits
    • – Payment options
    • – Contribution

  • 6.5 Medical Benefits

    • – Introduction
    • – Eligibility
    • – Benefits
    • – Payment options
    • – Contribution

  • 6.6 Workers’ Compensation Insurance

    • – Introduction
    • – Eligibility
    • – Benefits
    • – Payment options
    • – Contribution

  • 6.7 Maternity and Paternity Benefits

    • – Introduction
    • – Eligibility
    • – Benefits
    • – Payment options
    • – Contribution

  • 6.8 Other Benefits

    • – Unemployment benefits
    • – Family benefits
    • – Leave and holidays

  • 7. Private Benefits

    • 7.1 Retirement Benefits
    • 7.2 Death Benefits
    • 7.3 Disability Benefits
    • 7.4 Medical Benefits
    • 7.5 Accidental Death and Dismemberment Benefits
    • 7.6 Other Benefits

  • 8. About GlobalData
  • 9. Contact Us

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