COVID-19 Relief Measure on Provident Fund

Keywords: Mazars, Thailand, Payroll, COVID-19, Ministry of Finance, Royal Gazette, Provident Fund

On 5 May 2020, a notification of the Ministry of Finance was published in the Royal Gazette. The purpose of the notification is to mitigate the impact of the COVID-19 outbreak on both employers and employees.

• Employers and employees facing financial difficulties due to the COVID-19 outbreak can postpone making provident fund contributions from now to December 2020, while continuing to be enrolled in the provident fund.
• An employee can continue making contributions, but an employer can choose to postpone contributions or to make them as usual.
• In order for an employer to be able to postpone contributions, a general meeting of the fund must approve a resolution on this matter. However, a vote must be passed unanimously by the fund’s committees representing the employer and employees if a general meeting cannot be held.
• In order for contributions from a cash pool to be postponed, a general meeting of the fund must approve a resolution on this matter, or a vote must be passed unanimously by the fund’s committees representing the employers and the employees of each employer.
• An employer or the fund’s committees must submit the following documents to the provident fund registrar:

         - A statement from the employer certifying that it is having financial difficulties due to the COVID-19 outbreak. This must be signed off by the authorized person of the entity; and

         - The minutes of the general meeting or the fund’s committees reporting that the employer is having financial difficulties doe to the COVID-19 outbreak, and will postpone contributions until a time, but no later than December 2020.

Source: Ministry of Finance Notification