Thai Workers in Israel Seek Debt Relief

[webfact]

 

Minister of Labor, Mr. Phiphat Ratchakitprakarn, is preparing a proposal for Prime Minister and Finance Minister, Mr. Setthaput Suvan, to offer a debt moratorium for Thai laborers in Israel.

 

This relief would cover both principal and interest for debts incurred due to employment-related travel to Israel, with a cap of 150,000 baht per person, reported INN.

 

It's anticipated that the total budget for this initiative will be between 300 to 400 million baht, spanning over three years. "We will present this proposal to the Prime Minister, mirroring the measures provided to farmers where debts up to 300,000 baht were paused for three years," explained Mr. Phiphat. 

 

The majority of Thai laborers who travel to Israel typically secure loans from the Bank for Agriculture and Agricultural Cooperatives (BAAC), generally not exceeding 150,000 baht, to cover employment-related travel expenses.

 

The plan is to freeze these debts, and for those who borrowed outside formal channels, there's an intention to transfer their obligations to state financial institutions. The proposal's details will be discussed further in the coming week.

 

-- ASEAN NOW 2023-10-28

 

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[Pouatchee]

Should they actually get it?

 

I can't insure my house against acts of gods nor landslide. It sucks what happened to them, but if insurance companies (the biggest crooks in the world) wont insure houses for above mentioned, how can they expect compensation?

 

It can be argued that they should have known the risks before leaving.

 

If something like this ever happens to me, i hope canada would help. But that is unlikely. The did sweet foock all for tsunami victims in 2004

[Deserted]

Yeah but that's not quite the same. The Thai government is just trying to offer what protection it can to its citizens. That in itself is commendable even if its not perhaps the best way to go about it. 

[Sydebolle]

Invest that money rather into education and teach the kids how to earn, keep and use money. Do not ever dream that a debt relief will have a lasting effect and I bet, that nine out of ten will be in financial trouble anytime soon again! Why should the taxpayer (as the government can only pass on, what it took away from somewhere else) foot this bill as well? 

All those alien are not "rich" as so assumed or proclaimed by Khon Thai, they just might be a little less uncareful in monetary manners. My parents hammered it into us by "don't spend money you do not have" and, guess what, it worked beautifully. Arguably I have only one phone, drive a (first-hand, trouble free) pick-up truck, live in a befitting accommodation and usually eat in. I do not cater to a second, minor or third wife, do not buy overpriced branded good and apply common sense. 

[hotchilli]

10 hours ago, webfact said:

The majority of Thai laborers who travel to Israel typically secure loans from the Bank for Agriculture and Agricultural Cooperatives (BAAC), generally not exceeding 150,000 baht, to cover employment-related travel expenses.

Work overseas, get rich... except in Thailand.

[Cake Monster]

These people went to Israel with the sole purpose of earning a high wage.

For many it was a way to cut the families debt burdens.

For others it was a way of earning Money to build a House or buy Land

The one thing these people all has in common was the fact they knew the possible risks ( or should have )

[Stargeezr]

Money, greed and corruption.  Yup that seems to be what makes the world go round.

  When I see these 3 words, I think of politicians is so many parts of the world.

[StayinThailand2much]

On 10/30/2023 at 4:26 PM, Cake Monster said:

These people went to Israel with the sole purpose of earning a high wage.

For many it was a way to cut the families debt burdens.

For others it was a way of earning Money to build a House or buy Land

The one thing these people all has in common was the fact they knew the possible risks ( or should have )

 

Spot on. Not to mention, why take on so much debt when seeking work abroad? Taking on work in other countries is not without risks, and most governments won't bail one out if one runs into trouble, even war.