InfoQuest (March 24, 2020) -- Mr. Somkid Jatusripitak, deputy prime minister, said the cabinet approved the phase 2 measures aimed at cushioning the impact of Covid-19 on workers outside the social security system, including formal employees, temporary workers and freelancers. These include a package of stimulus measures to increase liquidity. The first measure is to provide a monthly subsistence allowance of 5,000 baht for workers for three months, and the cash handout scheme can be extended if the outbreak lasts longer than three months.
Second, emergency loans worth 40 billion baht will be launched, with an aim to increase liquidity and avoid debtors outside the formal financial system/debtors of informal finance. State banks, such as Krung Thai Bank (KTB), Government Saving Bank (GSB), the Bank for Agriculture and Agricultural Cooperatives (BAAC), will provide loans of 10,000 baht per person at a monthly interest rate as low as 0.1 percent, requiring no collateral.
Third, special loans totaling 20 billion baht will be made available. And a mortgage of 50,000 baht per person will be offered at a monthly interest rate of 0.35 percent.
Fourth, the Office of the Government Pawnshop offers low-interest pledge loans totaling 2 billion baht at a monthly interest rate of no more than 0.125 percent.
Thailand will also extend the deadline for personal income tax declaration and payment to August 2020, increase the tax credit for health insurance from 15,000 baht to 25,000 baht and exempt medical workers from the income tax on risk subsidies to reduce the burden on workers.
Source: InfoQuest, by Nisarat Wichiensri / Sasithorn / Wilawan, translated by Xinhua Silk Road.
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