24 Dec 2024

Thai Economy

Minimum wage hike averaging 2.9% set for the beginning of 2025; Koh Samui and Chachoengsao to see the highest increase of 14-15% (Current Issue No.3542)

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Minimum wage hike averaging 2.9% set for the beginning of 2025; Koh Samui and Chachoengsao to see the highest increase of 14-15%

KResearch estimates that the minimum wage hike to an average of THB 355 per day, starting January 1, 2025, will cause an increase in labor costs of at least 2 percent on average.
Businesses relying heavily on low-skilled workers – particularly agriculture, construction, hotels and restaurants, retail-wholesale, and manufacturing – will be more impacted than others. Meanwhile, effects may vary according to region.
Looking ahead, the minimum wage is expected to rise further. Therefore, businesses must focus on improving labor productivity and restructuring production towards targeted industries.

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Minimum wage hike averaging 2.9% set for the beginning of 2025; Koh Samui and Chachoengsao to see the highest increase of 14-15% (Current Issue No.3542)

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Minimum wage hike averaging 2.9% set for the beginning of 2025; Koh Samui and Chachoengsao to see the highest increase of 14-15% (Current Issue No.3542)

Related Analysis

Households are Cautious about Spending in 1Q18

Thai economy continues to grow in 2018 Growth of 4.0% is expected (Business Brief No.3727)

Official launch of EEC: Key to Thailand’s Economic Development (Current Issue No. 2899 Full Ed.)

Thai Household Debt May Fall to 77-78% of GDP in 2018 (Current Issue No. 2896)

Economy Likely Unfazed by THB5-22 Daily Minimum Wage Hikes Nationwide (Business Brief No.3722 Full Ed.)

Household sentiment toward economy continues to improve for 3 straight months, sending positive signal for private consumption in 1Q18

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