Abrupt company closure means about 1,000 workers lose their jobs

[toofarnorth]

7 hours ago, Creasy said:

Only the ordinary Thai will suffer during a economic downturn.

 

The 1% are filthy rich and their servants in parliament aren’t short of a baht either.

Yes Creasy , I know one PM who won't loose sleep over this.

[Thaidream]

55 minutes ago, thaipod said:

A lot of workers are now losing jobs due to robotics also

So true and IMO the greatest danger to the rest of the industrialised World is the coming AI revolution in which virtually every job will be evaluated for the elimination of a human worker to be replaced by some type of tehnology.

 

The autonomous vehicle is  coming and it will eliminate drivers as a job; robotics is replacing or has replaced humans in the auto plants;  on line shopping is replacing malls and the people who staff them.

 

What is on the horizon is that the wealthy who own the industrial World will become even more wealthy as they eliminate jobs and those in the lower income levels who staff these jobs will either have to retrain or die.

 

IMO- the World has to face whether we really need full AI if it is going to cause the displacement of a massive numbers in the labor force or should  AI be forced to be used selectively as the years go forward.

 

I sure as heck don't need vehicles that i can't drive and I still like to go to malls and I don't need electroinc shopping carts that  add the products immediatly and I pay with a credit card if the result is unemployment for someone else.

 

Unless some real thought goes on in Goverrnments about the future- the World is going to be left with huge areas of unemployment and clamoring for a  guaranteed income or in the extreme huge numbers of people with no hope existing as members of a human gang stealing from the elite and each other.

 

Unless the greed stops amongst the wealthy and the elites and monies and jobs created for climate control; green technology and a reversal of huge budgets for defense- the World is in for a rude awakening.

 

IMO Thailand and other agricultural Nations will survive the new Age better than the current Western and Industrialise World as most Thais came from the land and can back to the land. People in the West don;t even know how to purify water without a machine.

 

Like my wife always says- Think to much!  Could be!

[30la]

Always remember that you have a government that "thinks" about you, in addition Thailand is one of the few countries in the world with zero before the comma for the unemployed statistic!
Where the military reigns, hope reigns! ????

[shady86]

Meanwhile Somkid smiling with new investment from abroad. 

[trainman34014]

4 hours ago, tgw said:

how little you know...

of course financial problems are kept a secret, because if publicly known, this would greatly worsen the company's credit rating, thus precipitating its demise because suppliers would insist on cash payment and banks would refuse to provide for short term credit lines to keep the company going.

I know enough to know that in the West workers don't just turn up one morning and the gates are locked; that sort of practice stopped a long time ago !

[justin case]

as more unemployment, normally crime will also rise... right...

[tgw]

16 minutes ago, trainman34014 said:

I know enough to know that in the West workers don't just turn up one morning and the gates are locked; that sort of practice stopped a long time ago !

you were talking about secrecy, not about locking the staff out.

[Knocker33]

13 hours ago, daveAustin said:

This sucks. But sign of the times I'm afraid. Ordinary Thais are going to seriously feel the pinch.  

They are already suffering. But not to worry  TAT are expecting one billion tourists next year

[billd766]

5 hours ago, 30la said:

Always remember that you have a government that "thinks" about you, in addition Thailand is one of the few countries in the world with zero before the comma for the unemployed statistic!
Where the military reigns, hope reigns! ????

Well Bob Hope is dead, and that just leaves no hope then.

[laocowboy2]

Has to be fake news! The PM says the econmy is fine - thanks to him. Which means . . . .

[Sydebolle]

Believe me, this is not even the peak of an iceberg. A conservative guess would reveal that the number of lay-offs might hit one million (1'000'000) workers and those are the "official figures". The bottom line might be much harsher and it seems, that possibly the chicken are coming home to roost! 
Of course it is the wrong slice of the cake facing the music - again ???? 

[Don Mega]

4 minutes ago, Sydebolle said:

Believe me, this is not even the peak of an iceberg. A conservative guess would reveal that the number of lay-offs might hit one million (1'000'000) workers and those are the "official figures". The bottom line might be much harsher and it seems, that possibly the chicken are coming home to roost! 
Of course it is the wrong slice of the cake facing the music - again ???? 

 Are the "official figures" a Conservative guess ?.

 

Do you have a source for these "official figures" ?

[CGW]

On 12/24/2019 at 4:39 AM, Creasy said:

Only the ordinary Thai will suffer during a economic downturn.

 

The 1% are filthy rich and their servants in parliament aren’t short of a baht either.

Much like the rest of the world then? 

[dddave]

On 12/24/2019 at 5:08 AM, Don Mega said:

Was it just the rubber company or the group ?

 

Nice detective work.

[FritsSikkink]

On ‎12‎/‎24‎/‎2019 at 5:04 AM, Creasy said:

Do you think the auto parts boss that just sacked 1000 will lose his business ?

The factory is closed and he will have to pay redundancy money.

[chrisandsu]

Didn’t even have the decency to tell them face to face . Wimps . I know a lady who works in sales for a pharmaceutical company and she tells me her company is in big trouble too . Times have been good for too long it has to be a recession on the cards . 

[AussieBob18]

This has been happening for a while - only so many stories make TV and not many make the main media.

Talking things up is the current strategy - and giving away cash to falsely increase consumption - and Govt increasing infrastructure projects spending.  But the economic crash is coming to Thailand - it is when and how hard that is unknown.  It will be be good news for some (lower Baht) and bad news for many (no jobs and no private investment).  But the net result will be a massive political change in Thailand - it is very obvious to me - but it cannot be talked about under the current rules.  Things will be very different in Thailand in the middle/later 2020s - IMO even bigger than the changes in the 2010s.

[kingdong]

On 12/25/2019 at 5:49 AM, FritsSikkink said:

The factory is closed and he will have to pay redundancy money.

Unless he's got a clever accountant

[tifino]

4 minutes ago, kingdong said:

On 12/25/2019 at 4:49 PM, FritsSikkink said:

The factory is closed and he will have to pay redundancy money.

Unless he's got a clever accountant

 ... accept he'd be now in the Bahamas

Edited December 29, 2019 by tifino

[No1]

At inflation- and unemployment rates of under 1%, the strongest Thai baht ever, a GDP growth of over 2% I cannot see the decline and downfall of the Thai economomy. Maybe with the high Thai baht one might speculate that a peak has been reached.