Tag: covid-19

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Elite Membership is one of the visas schemes for tourists managed by the Tourism Authority of Thailand (“TAT”) having varieties of package ranging from 5-10 years of membership.

TAT has proposed for extending its privileges to the Cabinet for approval in order to magnetize wealthy foreigners around the world to visit and stay in Thailand for long term periods.

On 8 June 2021, the Cabinet approved in principle for such proposed Flexible Plus Program as one of the national economic reliefs responding to the effect from Covid-19 pandemic. The Thailand Flexible Plus Program has 4 target groups, i.e. Wealthy Global Citizen, Wealthy Pensioner, Work-from-Thailand-Professional, and High-Skilled Professional.

Details of the project after working with the working team under supervision of the Deputy Prime Minister Supattanapong Punmeechaow was referred to the Cabinet but was rejected by the Secretariat of the Prime Minister thereafter. The Secretariat of the Prime Minister deemed that the matter is related to the Ministry of Interior and, therefore, ordered the TAT to schedule a meeting for further discussions in which the meeting was held on 9 July 2021.

stylish businesspeople in outerwear shaking hands

The proposed plan includes a new type of Long-term Resident Visa (LTR VISA) and establishment of the LTR service unit to accommodate this plan. The LTR service unit will be established in a form of private entity having a concession granted by the Ministry of Finance to specifically manage this project. The key current requirements for the Elite Flexible Plus Program, as far as the TAT can confirm to the public at this moment, are making investment in Thailand in real estate, shares both in limited companies and stock market, debentures, or depositing in the bank accounts for a minimum of 1 million USD or around 30 million THB. The investment can be diversified and collectively reaches the minimum amount or can be invested wholly in one category. Other details will be announced later once it becomes clear.

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On 18 May 2021, the Cabinet approved in principle for the Draft Ministerial Regulation on Social Security Fund Contribution Rates  B.E. …. (“Draft Ministerial Regulation”) proposed by the Ministry of Labour in order to alleviate challenges faced by the insured employees and employers affected following the spread of COVID-19. The Draft Ministerial Regulation will be referred to the Council of State for further considerations. 

man in black suit sitting on chair beside buildings

Summaries of the Draft Ministerial Regulation are as follow:

  1. The Draft Ministerial Regulation will repeal the Ministerial Regulation on  Social Security Fund Contribution Rates B.E. 2563 (2020) and the Ministerial Regulation on  Social Security Fund Contribution Rates  (No. 2) B.E. 2564 (2021).
  2. The Draft Ministerial Regulation will set the new rates of contribution to the social security fund which will be in force for 3 months starting from 1 June 2021 to 31 August 2021. The new rates are to be specified as follow:
    • The employers and the insured employees under Section 33 of the Social Security Act B.E. 2533 (1990) will contribute to the social security fund at the rate of 2.5% of the insured employees’ wages. The government’s contribution will remain at the rate of 2.75% of the insured employees’ wages.
    • The contribution for compensation fund related to injury, sickness, disability, death and childbirth will be at the rate of 1% of the insured employees’ wage for insured employees, employers and government.
    • For contribution for benefits to children of the insured employees and old age pension, the contribution rate of the employers and insured employees under Section 33 will be at the rate of 1.25% of the insured employees’ wage; the government’s contribution rate will be at 1.5% of the insured employees’ wage.
    • The contribution for the unemployment fund will be at 0.25% of the insured employees’ wage applied to all insured employees, employers and the government.
  3. From 1st September 2021, the contribution rate will be revised to the new rates as follows:
    • The contribution for compensation fund related to injury, sickness, disability, death and childbirth will be at the rate of 1.5% of the insured employees’ wage for all insured employees, employers and government.
    • For contribution for benefits to children of the insured employees and old age pension, the contribution rate of the employers and insured employees under Section 33 will be at the rate of 3% of the insured employees’ wage; the government’s contribution rate will be at 1% of the insured employees’ wage.
    • The contribution for the unemployment fund will be at 0.5% of the insured employees’ wage applied to all insured employees and employers and the government’s contribution will be at the rate of 0.25%

This Draft Ministerial Regulation is expected to be enacted and become enforced shortly.

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Due to the effect from the outbreak of COVID-19, the Ministry of Labour then had proposed a Draft Ministerial Regulation on the Social Security Fund Contribution Rates (No. ..) B.E. …. (the “Draft Ministerial Regulation”) to the Cabinet in order to alleviate the suffering of insured employees affected by such outbreak of COVID-19.

Summaries of the Draft Ministerial Regulation are as follows:

  1. The rates of contribution schedule attached to the Ministerial Regulation on the Social Security Fund Contribution Rates B.E. 2563 will be revised to the new rates.
  2. Such new rates will be valid for 2 months starting from 1 February 2021 to 31 March 2021.
  3. The insured employees under Section 33 of the Social Security Act B.E. 2533 will be entitled to a reduction of social security fund contribution to be at the rate of 0.5% of their wage’s rates. For the employers and the government, the rates of contribution are still the same, i.e. 3% and 2.75% of the insured employees’ wage rates, respectively.
  4. The contribution for benefits related to injury, sickness, incapability, death and parturition will be at the rate of 0.2% of the insured employees’ wage rates applied to all insured employees, employers and government.
  5. In regard to the contribution for benefits related to child and old age, the government’s contribution rate will be reduced as 2.3% of the insured employee’s wage rates whereas the employers’ contribution rate will be reduced as 2.7% of the insured employees’ wage rates and the employees’ contribution rate will be reduced as 0.2% of their wage rates.
  6. In addition, the contribution for benefits related to unemployment will be reduced as 0.25% of the insured employee’s wage rates for the government and as 0.1% of the insured employee’s wage rates for the employers and the insured employees.

This Draft Ministerial Regulation was approved by the Cabinet on 26 January 2021 and is expected to be enacted and become enforced shortly.