Author Topic: Thai workers still in heavy debt  (Read 875 times)

Offline thaiga

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Thai workers still in heavy debt
« on: May 01, 2015, 12:33:25 PM »
Thai workers still in heavy debt

 As today is the International Labour and is observed on May 1 across the world, Thai workers also joined their colleagues around the globe in celebrating their special day with several activities.

But as celebrations go on, a sad and underlying fact remained unresolved, poverty of the workers.

The latest survey conducted by the  Thai Chamber of Commerce has revealed worrying revelations that 94% of Thai workers remain  in heavy debt and of these 60% are unofficial loans.

Umakamon Sinthornsurat, an academic with the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce,  released the findings carried out on workers in the country yesterday showing that no less than 13.3% earn less than 15,000 baht per month and 55% of this group earn between 15,000 – 30,000 baht per month.

More worryingly, 61.9% have monthly expenses between 15,000 – 30,000 baht which mean that they have only marginal savings.

Ninety four percent of workers are heavily in debt and of these 59.6% are unofficial or unregulated loans.

On average, this is amounted to a debt burden of 117,839 baht per household and will require around 7,300 baht payments every month.

The center has discovered that 31% of all loans were taken to cover daily expenses while 19.8% are loans taken to repay other pass due loans.

Most of these workers are asking help from the government to lessen the burden and want an increase in the minimum daily wage adjusted to 398 baht.

Furthermore, they also want this rate adjusted to 491 baht in the next three years.
Anyone who goes to a psychiatrist should have his head examined.