Unemployment rate is defined as the number of people who are unemployed expresses as a percentage of the total labor force. Unemployment rate is usually calculated by dividing the number of people who are unemployed over the number of people in the labor force.
Statistics
Age groups:
15-24 (youth group) -> 4.1%
25 and over (adult group) -> 0.5%
South = 1.3%
Northeast = 0.9%
North = 0.6%
Central = 1.0%
Bangkok = 0.8%
Labor Market Regulations in Thailand
Minimum wage: 300 baht per day
Social Security: each party contributes 1.5% of the wages to the insured totaling to 4.5% of the basic salary not exceeding 15,000 baht. The funds will go support workers undergoing one or more of the following: injury or sickness, disability, maternity, death, child welfare, and pensions.
Holidays: 13 traditional holidays per year, requested no more than 6 annual holidays
What does the government do to reduce level of unemployment?
Monetary Policy: Cutting interest rates causing AD to rise, increase GDP, and need for employees.
Fiscal Policy: Increase AD and economic growth.
