Private sectors promise no product price increases after wage rises

Following last week’s announcement from the government that they would be increasing the national minimum wage from 5-22 baht per day the private sector pledged to work with the government to not increase the price of goods.

The promise to work together and maintain prices was made after the Ministry of Commerce held a meeting yesterday inviting manufacturers of consumer products and ask them to hold off any plans to increase prices.

Once the meeting concluded, Commerce Minister Sonthirat Sontijirawong stated that there was over 152 businesses present at the meeting who voiced their approval of the minimum wage increase.

Private sectors promise no product price increases after wage rises

Some in attendance did voice concerns that as a result of the pay increase overheads for production of goods would increase by an estimated 2 percent.

Despite the increase in overheads he said he did get their agreement not to increase the price of consumer products.

In addition producers of soft drinks and other sugar related products have been asked to reduce the prices of their products due to the cost of sugar becoming less.

They said if a price reduction cannot be achieved then special promotions should be put in place to pass on the saving to the consumers.

Source : Thai PBS

Content : LovePattayaThailand

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