Thailand: Impact of amendments to the Labour Protection Act on severance payment and retirement

Two recent amendments to the Labour Protection Act in Thailand will affect companies’ retirement practices. One amendment provides for an increase in the severance payment for employees with more than 20 years of service. The other amendment established that an employee is entitled to retirement from age 60 and clarified that the severance payment is payable on retirement. Milliman’s Danny Quant and Mark Whatley provide perspective in this article.

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