Employee Welfare Fund

      

From our initial review it seems that the exemption will only apply if all employees are registered with the provident fund, including temporary employees. 

    

The EWF will provide financial assistance to employees in cases of termination, unemployment or similar circumstances. Employers and employees will have to make contributions. The initial rate will be 0.25 % of wages. From 2030 onwards, the rate will increase to 0.5 % of wages. 

      

Non-compliance will be sanctioned. If employers fail to register a necessary EWF or provide false information, penalties range from a fine of THB 10,000 to imprisonment of up to six months. Should an employer fail to withhold and remit the contributions, a monthly surcharge of 5 % on the outstanding amount applies. Note that there is a risk of personal liability of directors under the Act on Offenses Concerning Registered Partnerships, Limited Partnerships, Limited Companies, Associations, and Foundations.​​

            

We await further clarification on the specifics of registration. However, for now, all companies having at least 10 employees should prepare for the registration.