Some 5 million Gen Y, Z employees staring at possible job losses

[webfact]

Some 5 million Gen Y, Z employees staring at possible job losses

By The Nation

 

Thanavath Phonvichai, UTCC president

 

Approximately 5 million Generation Y and Z employees face economic uncertainty as they risk being laid off because they do not have enough working experience, and their salaries were between Bt10,000 and Bt20,000, the University of the Thai Chamber of Commerce pointed out.

 

Thanavath Phonvichai, the university president and adviser to the Centre for Economic and Business Forecasting, said that the Bank of Thailand also had concerns about this issue.

 

"If these employees are laid off, they would face difficulties in their daily lives because they have a lot of debt and they do not save money," he said.

 

"These employees may borrow from loan sharks that charge extremely high rates of interests, so we would like to urge related authorities to supervise their spending."

 

He said the government's fifth phase of lockdown easing would help stimulate the economy and maintain employment because this move would encourage people to spend up to Bt9 billion per day or Bt250 billion per month which means Gen Y and Z employees who work at entertainment venues can return to work.

 

"However, the value of domestic spending this year is expected to be at Bt20 billion per day. If the government wants to maintain the money circulation as in the previous year, they will have to allow foreign tourists to travel to Thailand because foreign tourists spend approximately Bt8 billion per day, more than Thai tourists who spend Bt3 billion to Bt4 billion per day," he said.

 

He added that if people in the country do not travel across provinces due to uncertainty following the Covid-19 pandemic, the government should instruct government authorities to hold seminars and activities to gain the confidence of people and maintain tourism.

 

"Many parties are worried about the global economy as the Covid-19 fallout has forced employers to close businesses, lay off employees, and cut employees' salaries," he added. "If many countries worldwide cannot prevent the second coronavirus wave and maintain their economy, the virus crisis may turn into a financial crisis in the future."

 

Source: https://www.nationthailand.com/news/30390793

 

-- © Copyright The Nation Thailand 2020-07-06

 

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[CLS]

The second wave is not a Covid-19 wave, it’s a poverty one.

[OneeyedJohn]

46 minutes ago, webfact said:

the government should instruct government authorities to hold seminars and activities

For goodness sakes, where do they dig up all these "intellectual" numpties.

[nobodysfriend]

4 hours ago, webfact said:

However, the value of domestic spending this year is expected to be at Bt20 billion per day. If the government wants to maintain the money circulation as in the previous year, they will have to allow foreign tourists to travel to Thailand because foreign tourists spend approximately Bt8 billion per day, more than Thai tourists who spend Bt3 billion to Bt4 billion per day," he said.

 

Did they finally wake up ?

[ubon farang]

5 hours ago, CLS said:

The second wave is not a Covid-19 wave, it’s a poverty one.

Yep I could not agree more

[herfiehandbag]

6 hours ago, webfact said:

so we would like to urge related authorities to supervise their spending."

Another germ of an idea for the control freaks who brought us "New Normal"!

[steven100]

6 hours ago, webfact said:

"These employees may borrow from loan sharks that charge extremely high rates of interests, so we would like to urge related authorities to supervise their spending."

lol .....    he's joking right    !   ......  good luck with that one 

[steven100]

6 hours ago, webfact said:

approximately Bt8 billion per day, more than Thai tourists who spend Bt3 billion to Bt4 billion per day," he said

so he has a dart board in the office as well ....  

[hotchilli]

7 hours ago, webfact said:

"These employees may borrow from loan sharks that charge extremely high rates of interests, so we would like to urge related authorities to supervise their spending."

A Thai friend of mine late last year bought a town house in a new development, they negotiated a mortgage from a bank to buy the house and repay it over 30 years. The home was valued at 1.25 million baht cash sale.

When they told me the monthly repayments something didn't quite add up to me, later when I got home I worked out the repayments.

The total repayment over the cash price would have worked out at a staggering 144%

So who are the real sharks?

 

 

[RichardColeman]

 

8 hours ago, webfact said:

this move would encourage people to spend up to Bt9 billion per day or Bt250 billion per month

Pretty sure even on a good month of 31 days that could only total 189 billion - I think I'd return those ali express calculators 

[BKKMG]

15 minutes ago, RichardColeman said:

 

Pretty sure even on a good month of 31 days that could only total 189 billion - I think I'd return those ali express calculators 

I see the bars are open again, 

 

9 x 31 = 279

9 x 30 = 270

 

 

[RichardColeman]

1 hour ago, BKKMG said:

I see the bars are open again, 

 

9 x 31 = 279

9 x 30 = 270

 

 

Been a long night hahahaha

[Laughing Gravy]

11 hours ago, OneeyedJohn said:

For goodness sakes, where do they dig up all these "intellectual" numpties.

Well throw a committee in and Dusit poll and problem solved. Right?

[Cake Monster]

Generation Y and Generation Z could be a real issue for Thailand if they loose Employment.

These generations are the most debt laden in Thailand, and could send NPL Loans through the roof.

[madmitch]

6 hours ago, hotchilli said:

A Thai friend of mine late last year bought a town house in a new development, they negotiated a mortgage from a bank to buy the house and repay it over 30 years. The home was valued at 1.25 million baht cash sale.

When they told me the monthly repayments something didn't quite add up to me, later when I got home I worked out the repayments.

The total repayment over the cash price would have worked out at a staggering 144%

So who are the real sharks?

 

 

Do the sums. A quick calculation and that's an interest rate of under 8% per annum. Hardly the 20% a month that these loan sharks charge!

[scorecard]

8 hours ago, herfiehandbag said:

Another germ of an idea for the control freaks who brought us "New Normal"!

You can't supervise many/most millenials (Thailand and many countries), they know everything, they spend all their money believing they are magic and nothing can disturb their lifestyles and they believe they are entitled.

 

In the last 15+ years in Thailand a large% dropped out of uni, often with very poor attendance and poor & rude attitude, arrogant, no respect for anybody/anything, but professor I only missed 2 lessons (but the reality is probably came 2 hours late every lesson and never handed in any assignments) so why is my grade not A?

 

I'm aware of several very large Thai and MN companies around Bkk who had so much trouble with this age group they made internal policies to not employ new staff under 28/30 years old.

[mommysboy]

4 hours ago, scorecard said:

You can't supervise many/most millenials (Thailand and many countries), they know everything, they spend all their money believing they are magic and nothing can disturb their lifestyles and they believe they are entitled.

 

In the last 15+ years in Thailand a large% dropped out of uni, often with very poor attendance and poor & rude attitude, arrogant, no respect for anybody/anything, but professor I only missed 2 lessons (but the reality is probably came 2 hours late every lesson and never handed in any assignments) so why is my grade not A?

 

I'm aware of several very large Thai and MN companies around Bkk who had so much trouble with this age group they made internal policies to not employ new staff under 28/30 years old.

AKA: blame the victim.

 

I bet you didn't have to work an internship for free, or go on a zero hours contract!

[scorecard]

4 hours ago, mommysboy said:

AKA: blame the victim.

 

I bet you didn't have to work an internship for free, or go on a zero hours contract!

 

Your post is off topic, I didn't mention anything about internships or zero hours contracts, in fact I'm aware that in the 2 companies I mentioned all staff are paid full salary and benefits from day 1, they are on typical 3 months probation on full salary and benefits.

 

In any event if employers are taking some sort of advantage of employees by making them attend an internship for no reward whatever (free) then I would agree this is very wrong and should be investigated and redressed, and it's also true that in such case the 'employees' should be very wary of accepting such positions.

 

I repeat, these were not interns. 

 

Some search will find other companies, worldwide who have had problems with the so called 'millenials'. One example; a major car manufacturer which employed a young millenial in the US because the company was interested do a one off case to see if it was true that outspoken 'I want freedom to be creative' young millenials did add more creativity etc. 

 

In a major mistake they posted the young millenial (YM) to Thailand causing serious problems in that the young millenial was yelling at his team of young Thai engineers demanding that they rebel against old companies processes, including making a demand they be allowed to come to work at whatever time they wanted (in a production facility). The YM was quickly returned to the US, but wrote an e.mail to a such more senior person in Germany complaining at the lack of leadership in the company specifically for millenials. 

[Redline]

On 7/6/2020 at 3:09 AM, webfact said:

the government should instruct government authorities to hold seminars and activities to gain the confidence of people and maintain tourism.

Seminars on foraging for food?

 

this crisis has just begun.  They better figure out what to do now

[DrTuner]

Yes, younger generations are screwed. It'll take another WW to reset it, or wait for a few generations until the wealth gathered by post WW2 generation is recycled. Third generation usually squanders it.

[geriatrickid]

On 7/6/2020 at 6:55 AM, scorecard said:

You can't supervise many/most millenials (Thailand and many countries), they know everything, they spend all their money believing they are magic and nothing can disturb their lifestyles and they believe they are entitled.

 

In the last 15+ years in Thailand a large% dropped out of uni, often with very poor attendance and poor & rude attitude, arrogant, no respect for anybody/anything, but professor I only missed 2 lessons (but the reality is probably came 2 hours late every lesson and never handed in any assignments) so why is my grade not A?

 

I'm aware of several very large Thai and MN companies around Bkk who had so much trouble with this age group they made internal policies to not employ new staff under 28/30 years old.

I believe that you are judging them unfairly. From my Gen X perspective, yes indeed millenials are annoying. However, I look at the younger generation of my family and their friends and they are not what you describe. I observe a generation that has a lot more in common with the dirty 30's generation. Here's why;

- They believe in fair play, almost idealistically so. From that comes their acceptance of the integrity of their social communication systems. For them it is Twitter, facebook, Tik Tok, Vine (RIP), Line etc. It is no different than the  old generation's  willing acceptance of information obtained from the radio and newspapers.

- They work hard, much harder than their parents and my generation. They have no choice. Most are in the gig economy. Whatever they have, they struggled to get.

- Many are very charitable and generous. Much like the old generation. Poverty and limited opportunity  does that to people. They also have a better friendship social net.

- They are conservative in their values, putting an emphasis on integrity and loyalty. fair play is important,and they are not as tolerant of bullies and bigotry. Again the  folks from a century ago were far less bigoted than what we saw  in the 1950-1980 era. Overall, the millenials are far more considerate and thoughtful of others. 

 

 

 

If students  shun university, it is often with good reason. They are paying a small fortune to attend classes which are often taught by incompetent boring fools. They have more cajones than i did. I had a professor of math who was a nutcase. He mumbled, was unhelpful and scared people with his B.O. I had an organic chem prof  who was an outright obnoxious bully and another prof who was incompetent and miserable. For this I was paying a fortune to attend a "prestigious" university.  no sorry, I  think the kids who walk away  have a valid reason. not everyone  benefits from the  university and sometimes it is better to be happy in life than to   follow the   ordained path.  Thailand   has a shortage of skilled young workers. Laying them off, ostracizing them will cripple the economy in years to come. They need to be socialized and trained now to be able to do the jobs of the future. Middle aged workers do not want to make room for them.

 

[greeneking]

On 7/6/2020 at 11:05 AM, hotchilli said:

A Thai friend of mine late last year bought a town house in a new development, they negotiated a mortgage from a bank to buy the house and repay it over 30 years. The home was valued at 1.25 million baht cash sale.

When they told me the monthly repayments something didn't quite add up to me, later when I got home I worked out the repayments.

The total repayment over the cash price would have worked out at a staggering 144%

So who are the real sharks?

 

 

Look at who run the banks.  The 'good' people.  And then they claim they must charge so much because of the number of loan defaults.  There would not be so many if they charged a non ripoff 3%.  Cartel anyone?

[nausea]

Actually, they're gonna be pretty valuable commodities, when the current boomer generation dies off; IT savvy and limited numbers. I can see a situation developing like in my youth, where getting a job wasn't really a problem, spoilt I was. Anyway, you're depending on these guys to pay your pension. Screw them and you screw yourself.

[CLS]

5 minutes ago, nausea said:

Actually, they're gonna be pretty valuable commodities, when the current boomer generation dies off; IT savvy and limited numbers. I can see a situation developing like in my youth, where getting a job wasn't really a problem, spoilt I was. Anyway, you're depending on these guys to pay your pension. Screw them and you screw yourself.

True for countries with a decent social net. For Thailand with a measly state pension of 600-1000 baht/month you have to rely on different income sources.

[yuyiinthesky]

On 7/6/2020 at 3:09 AM, webfact said:

If the government wants to maintain the money circulation as in the previous year, they will have to allow foreign tourists to travel to Thailand because foreign tourists spend approximately Bt8 billion per day, more than Thai tourists who spend Bt3 billion to Bt4 billion per day," he said.

 

OK, agreed, granted, do it already!

[SoilSpoil]

5 hours ago, DrTuner said:

Yes, younger generations are screwed. It'll take another WW to reset it, or wait for a few generations until the wealth gathered by post WW2 generation is recycled. Third generation usually squanders it.

With the Ponzi schemes of money creation, organized by some central banks, Im agraid you"re right.

 

Amazing how governments keep land price fluctuations out of the inflation figures and the immense effect this has on the younger generations. Take a look at Hong Kong and Tapei, and see that entire generations have no chance of ever owning a property has. It facilitates a rent and spend culture among young people. Nearly impossible to invest in the future, so why bother

 

Look at the increase of real estate prices in Europe at the moment. Thank you mr Draghi.

[Airalee]

On 7/6/2020 at 11:05 AM, hotchilli said:

A Thai friend of mine late last year bought a town house in a new development, they negotiated a mortgage from a bank to buy the house and repay it over 30 years. The home was valued at 1.25 million baht cash sale.

When they told me the monthly repayments something didn't quite add up to me, later when I got home I worked out the repayments.

The total repayment over the cash price would have worked out at a staggering 144%

So who are the real sharks?

 

 

Sounds like a 30 year mortgage at 7% interest.  A little high, but don’t know the credit rating of your friend.  Doesn’t seem to be unreasonable. 
 

You can run the numbers here and it will show the payment amounts and total interest paid over the 30 year life of the loan.  I input the full amount (1.25m) with 0% down and input 0 for all other taxes and fees.

 

https://www.mortgagecalculator.org