Thailand to Announce Higher Minimum Wage by Year-End Despite Business Concerns

New minimum wage hike in Thailand to be announced by year-end, will be higher than inflation
Labor minister says new daily minimum wage will not be 400 baht as previously stated
Current average daily minimum wage is 337 baht
Businesses worried higher minimum wage will increase costs and hurt competitiveness
Wage committee to finalize new rate by November, announced as "New Year's gift"
Government implementing populist policies like 560 billion baht digital wallet handout

reuters.com

Relevant topic timeline:

8/21/2023

Thai Q2 GDP growth slows sharply amid weak global demand, govt cuts outlook

Thailand's economy grew at a slower pace in the second quarter due to weak exports and slower investment, prompting the government to lower its 2023 growth forecast, while the central bank may not raise rates again amidst faltering economic recovery and low inflation.

9/20/2023

Thailand Announces $66 Billion Borrowing Plan for 2024 to Stimulate Economy

Thailand's new government plans to borrow 2.4 trillion baht ($66.4 billion) for the fiscal year 2024, representing a 9% increase from the current year, as part of their efforts to stimulate the economy.

9/27/2023

Thailand Central Bank Hikes Key Rate Again to 2.5%, Surprising Markets

Thailand's central bank raises policy rate to 2.5% in order to control inflation, going against market expectations.