What is the company social fund?

The Social Security Act requires employers to withhold social security contributions from the monthly wages of each employee. The prescribed rate applied to the monthly wages is 5 percent.

However, the maximum monthly wage base on which the above rates are applied must not exceed 15,000 baht. The employer is required to match the contribution from the employee. The contributions of both the employer and employees must be remitted to the Social Security Office within the 15th day of the following month.

Employees with social security registration may file claims for compensation in case of injury or illness, disability or death which is not due to the performance of their work, and for cases of child delivery, child welfare, old age pension and unemployment. The social security contributions are envisaged to rise as the benefits to be provided to employees are increased.

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