Jump to content
BANGKOK
webfact

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

Recommended Posts

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

By The Nation

 

800_18467b87bfc8767.png?v=1593848983

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

 

nation.jpg

-- © Copyright The Nation Thailand 2020-07-06
 
  • Sad 1

Share this post


Link to post
Share on other sites
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"!

  • Like 2

Share this post


Link to post
Share on other sites
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 

Share this post


Link to post
Share on other sites
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 ....  

  • Haha 1

Share this post


Link to post
Share on other sites

 

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 

  • Haha 2
  • Confused 1

Share this post


Link to post
Share on other sites
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

Share this post


Link to post
Share on other sites
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?

Share this post


Link to post
Share on other sites

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.

  • Like 1

Share this post


Link to post
Share on other sites
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!

  • Like 1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...