Thais Celebrate National Labour Day With Spending Spree
Thai workers this year are expected to spend 2.1 billion baht or an average 1,335 baht a person today, National Labour Day. The spending figures on the Labour Day or May Day was revealed by the University of the Thai Chamber of Commerce in a recent survey.
Thanawat Polwichai, director of the Centre for Economic and Business Forecasting with the Thai Chamber of Commerce, said the Labour Day this year would see workers spending 2.1 billion baht or an average 1,335 baht a person, representing a 3% increase year-on-year.
He said further that the survey also showed that Thai workers would like to be given 430 baht minimum wage within the next three years. But what the survey found out was even worrying as up to 97% of workers are still in debt. The debt was amounted to 131,000 baht per household, up 10.4% from previous year or the highest in eight years.
However he said that the debt is decreasing gradually after the government rolled out several financial measures to help relieve the loan burden of the low income earners from unofficial or unregulated loan sources.
The centre survey showed that at present, 46.4% of low income earners have converted their unregulated loans to legal financial system that offer lower loan rates.