For example, employees' compensation rates will go up from 60 to 70 percent of their current salaries. If they become disabled because of their jobs, they would be compensated at an amount equivalent to at least 70 percent of their monthly salary multiplied by at least 15 years.
The current law allows the compensation rate to be multiplied by up to 15 years only in the event of disability. In events of deaths, the new law promises a compensation rate multiplied by 10 years, up from eight years.
If employees are unable to come to work, they would also get compensated from the first day of their absence, not after three days of absence as is the case currently. Moreover, the new law will extend coverage to the local staff of embassies and international organizations.
The acting Secretary-General of the Social Security Office, Ananchai Uthaiphattanacheep, said on Monday that the new Compensation Act was promulgated in the Royal Gazette on October 11th, and it will become effective from December 9th.
Mr. Ananchai said employers will also benefit from the law. Under the old law, employers had to submit an amount equivalent to three percent of employees' salaries to the Compensation Fund. With the new law, employers’ contributions are equivalent to two percent of their employees' salaries only.