Finance ministry proposes cash handouts for those affected by shutdown

[webfact]

Finance ministry proposes cash handouts for those affected by shutdown

By THE NATION

 

 

The Ministry of Finance is planning to propose cash handouts for those who have become unemployed or been affected by the closure of business venues in Bangkok and other provinces as part of measures to prevent the spread of Covid-19.

 

Ministry permanent secretary Prasong Phunthanes said measures would be proposed to the Cabinet meeting on Tuesday (March 24) to help people who are affected by the government’s order to shutdown several business venues.

 

“Those having social security will be taken care of by the Social Security Office, while those who are not insured under the social security scheme will be taken care of by the Ministry of Finance,” he said. “We are planning to use an emergency budget from fiscal 2020 of around Bt20 billion to provide cash handouts to people affected by the Covid-19 preventive measures.”

 

Prasong explained that the proposed plan aims to hand out cash of Bt2,000 per person for two months, meaning each person will get Bt4,000.

 

“We expect that there will be around five million people who will be eligible for the cash handouts,” he added.

 

Meanwhile, Kobsak Phutrakul, deputy secretary-general to the Prime Minister for political affairs, said that in the next meeting the Cabinet will discuss with related ministries and departments measures to help affected people and stimulate the economy.

 

“The foundation of the Thai economy is still strong despite the Covid-19 outbreak, which has also affected several countries,” he said. “I believe the impact from Covid-19 will be short-term, and when there is a vaccine available, the situation will gradually improve and the Thai economy will start to grow again.”

 

Source: https://www.nationthailand.com/news/30384643

 

-- © Copyright The Nation Thailand 2020-03-23

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[sammieuk1]

Try proposing 3 trillion for 50% of the population that are now or will be on the breadline very soon or just bring all the missing embezzled money back ????

[xtof2]

It would be time to do so !!!

After PM  - what a shame - refused a 2000 bahts compensation 2 weeks ago.

 

[Canuck1966]

14 minutes ago, webfact said:

Prasong explained that the proposed plan aims to hand out cash of Bt2,000 per person for two months, meaning each person will get Bt4,000.

Their generosity is only matched by their charm and good looks

[Canuck1966]

5 minutes ago, sammieuk1 said:

Try proposing 3 trillion for 50% of the population that are now or will be on the breadline very soon or just bring all the missing embezzled money back ????

Let them eat (rice) cake

[Canuck1966]

I haven't seen the avarice greedy humongous Thai monopolies dip their hands into their extremely deep pockets yet either

Just shows the utter disdain they have for the people

Like a pile of dog shìt that they have just stepped in barefoot

[NCC1701A]

the messages that are trending on Twitter are probably what is driving this.

[Canuck1966]

4 minutes ago, NCC1701A said:

the messages that are trending on Twitter are probably what is driving this.

Yep a certain person is getting absolutely hammered

They have even had to put the marketing guys on over time to try and create a false narrative

Maybe the tipping point is here, hope so!

[smedly]

28 minutes ago, webfact said:

Prasong explained that the proposed plan aims to hand out cash of Bt2,000 per person for two months, meaning each person will get Bt4,000.

wow, is that the national minimum wage - what a joke, the rest of the world are meeting almost peoples salaries to keep them employed - UK up to 2500GBP per month

 

How about selling the useless Submarines and supporting your people properly 

 

I'm going to employ a hose keeper if that is the going rate per month

[Virt]

They have to do something drastic. 

 

Here in Denmark the government is spending a crazy amount of money, trying to make sure, that private companies will lay off as little as possible, so the government has a program where companies can seek help. I think it's up to 100,000 baht pr month pr person, that they cover.  That's less than a monthly wage for most people here , but still enough to pay most bills and get through it. 

Off course that kind of program can't run forever but hopefully it will prevent total chaos the next few months. 

People all over the world need help these days and I hope the different governments are doing their best to help the unfortunate ones. 

[Canuck1966]

1 minute ago, Virt said:

They have to do something drastic. 

 

Here in Denmark the government is spending a crazy amount of money, trying to make sure, that private companies will lay off as little as possible, so the government has a program where companies can seek help. I think it's up to 100,000 baht pr month pr person, that they cover.  That's less than a monthly wage for most people here , but still enough to pay most bills and get through it. 

Off course that kind of program can't run forever but hopefully it will prevent total chaos the next few months. 

People all over the world need help these days and I hope the different governments are doing their best to help the unfortunate ones. 

Yeh it's all about buying time with as little chaos as possible

[transam]

 

[Mavideol]

50 minutes ago, webfact said:

“We expect that there will be around five million people who will be eligible for the cash handouts,” he added.

how will they determine that... does the side road both stand, self employed, people selling some food will be included or only the ones working and properly/correctly registered at a local labor office

[johnray]

Making the rich richer.

[Mavideol]

30 minutes ago, Canuck1966 said:

Yep a certain person is getting absolutely hammered

They have even had to put the marketing guys on over time to try and create a false narrative

Maybe the tipping point is here, hope so!

wishful thinking.... he has everything under (tight grip) control

[CharlieH]

Numerous posts removed, BE VERY CAREFUL what you post, no matter how veiled or clever you think it is.If I can see it, the authorities can, you are putting yourselves and this forum in jeopardy. STOP and observe forum rules please.

[Grumpy John]

Should be considering 5 million families,  not 5 million people.  And 2000 baht is an insult to the average person.  Given that a huge number of people buy breakfast and lunch 2000 baht is not enough for a part of a person's food intake for 3 weeks, certainly  not 4 weeks. 3000 baht might just cover 4 weeks but leave little money for anything else. 

[brain150]

Falling supply and expanding money supply.

That's the very definition of Inflation !!!

 

I am not even asking who will pay this [governments don't have money !!! They borrow !!!]

Helicopter money never worked and never will !!!

 

The road to hell is paved with good intentions and wishful thinking !!!

Remember this saying as it is 100% true.

 

[RichardColeman]

I know for a fact that my wife and daughter can survive on 2,000 a month - they did it before when we had severe money issues for about 8 months - BUT, their rent was covered.

 

Seems to me it may help (pitiful though it is), but I expect one ell of a load of homeless thais in the coming months.

 

I also forsee in the near future Thai being unable to rent unless they can show they have unemployment insurance

[CharlieH]

Bare in mind this is no GIFT, this a loan and they charge interest !!! Dispicable in my opinion.

[Redline]

5 hours ago, webfact said:

“The foundation of the Thai economy is still strong despite the Covid-19 outbreak, which has also affected several countries,” he said. “I believe the impact from Covid-19 will be short-term, and when there is a vaccine available, the situation will gradually improve and the Thai economy will start to grow again.”

the foundation of the economy is not strong

the virus is in almost every country, not several ????

a vaccine is predicted to be available in a year at earliest 

[Caldera]

They should have had something in place before the mass exodus out of Bangkok started. Preferably assisting with rent payments, to avoid said exodus in the first place that will put many vulnerable people in the provinces at risk.

[hotchilli]

6 hours ago, webfact said:

Finance ministry proposes cash handouts for those affected by shutdown

Many private retailers, shop owners are going to suffer hard by this forced closure, 4,000 baht for 2 months covers nothing!

I have a friend in Bangkok who has a small sized hair salon, this forced closure will hit her hard, possibly losing the business. The landlord will still want rent money at the end of the month even though she's having to stop work.

[LEXUS 400]

Og en Farang - pensjonist trenger 65 000 baht hvert år for å få ett års visum !.

Edited March 23, 2020 by LEXUS 400

[White Christmas13]

13 hours ago, Virt said:

They have to do something drastic. 

 

Here in Denmark the government is spending a crazy amount of money, trying to make sure, that private companies will lay off as little as possible, so the government has a program where companies can seek help. I think it's up to 100,000 baht pr month pr person, that they cover.  That's less than a monthly wage for most people here , but still enough to pay most bills and get through it. 

Off course that kind of program can't run forever but hopefully it will prevent total chaos the next few months. 

People all over the world need help these days and I hope the different governments are doing their best to help the unfortunate ones. 

yes the same in OZ

[LEXUS 400]

For 36 minutter siden sa LEXUS 400:

Og en Farang - pensjonist trenger 65 000 baht hver måned for å få ett års visum !. Får ikke redigert orginalinnlegg !

 

 

Edited March 23, 2020 by LEXUS 400

[sjaak327]

10 hours ago, CharlieH said:

Bare in mind this is no GIFT, this a loan and they charge interest !!! Dispicable in my opinion.

Oh my god, you must be joking, or at least I hope it is a joke.

[Mavideol]

something that surprises me a lot,  is the fact that the government didn't praise, not once, any of the rich families financial/material contribution to combat the virus and/or by helping the ones in need without jobs.... are Thailand rich families that stingy/greedy or did I miss that information

[connda]

On 3/23/2020 at 11:18 AM, sammieuk1 said:

Try proposing 3 trillion for 50% of the population that are now or will be on the breadline very soon or just bring all the missing embezzled money back ????

Instead they will propose a multi-trillion THB "bailout" for banks and corporations who will use the money to backstop bonuses and stock buyback, after which they'll come begging for more.  Propping up a highly leverage market which has been more like a casino - until the house gets dealt a losing hand - then suddenly it global governments to the rescue.  The market doesn't do diddly for the average man.  'Bailout' shouldn't be allow to be used for floating companies and banks who have profited immensely during the bull market but who left their balance sheet full of debt after rewarding the executive and stockholder with massive wealth transfers, money that should have been placed in cash reserves and used for providing the companies and banks with a cushion against economic downturns that eventually come.  But banks and corporations don't need to do that because in this era of neo-corporatism where governments and businesses are aligned, governments simply bail out banks and corporations for making greed based decisions which destroy the integrity of their businesses.  They transfer the wealth of the people (taxes) to the banks and corporations.
In the meantime, average people are given a little bread and a few crumbs while the circuses have all been closed and the serfs told to shelter in place.

[connda]

Nobody should be getting helicopter money or bailouts.

If governments wish to backstop the problem, then allow insolvent business and banks to fail, and then set up work programs for the citizens along with a social safety net for the most vulnerable.  And don't get in the way of entrepreneurship and small businesses.  Markets over the last decade are no longer markets.  They have been distorted by ungodly amounts of central bank money being pumped into the system to benefit the wealthiest. 
It's past time to let that old model crash and burn.  The markets need a reset after which we may have real economies and real market again.  
Painful?  Yeah.  Necessary?  Yeah.