Thai business: Competitive enhancement fund being considered

[webfact]

NEWSFEED
Competitive enhancement fund being considered
THE NATION

BANGKOK: -- The Finance Ministry has submitted an initial study on the proposed national competitiveness enhancement fund to Deputy Prime Minister Somkid Jatusripitak.

Somchai Sujjapongse, the ministry's permanent secretary, said Somkid suggested the ministry study the guidelines of the national innovation fund that the Science and Technology Ministry had considered setting up in terms of applying to the competitiveness fund.

The objective of the competitiveness fund would be to attract "industries of the future" to invest and help the country get out of its middle-income trap.

The fund has to provide more incentives than the general incentives that the Board of Investment offers. Six industries are identified as the targets, including robotics, bio-energy, and logistics.

Salary hikes to be reduced

Thai companies are expected to slightly reduce their annual salary increases next year, but will marginally raise their bonus payments, according to a survey by management consulting firm Hay Group.

The overall salary increase in 2016 is forecasted at 5.8 per cent, up slightly from 5.8 per cent this year.

The power sector leads both the salary and bonus-payment forecasts for 2016. The top three industries that are projected to have the highest pay rises are power (6.6 per cent, telecom (6.5 per cent), and oil and gas (6 per cent).

The top three sectors for bonus payments are expected to be power (four months), chemicals (four months), and oil and gas (3.5 months).

The average bonus payment forecast is almost three months, up slightly on the figure this year.

The report shows that the top three sectors for basic salary are oil and gas, chemicals, and the fast-moving consumer goods industry.

Source: http://www.nationmultimedia.com/business/Competitive-enhancement-fund-being-considered-30273077.html

-- The Nation 2015-11-17

[selftaopath]

Another example of "Thailand competitive enhancement" :

"Travel agents urge controls on foreign booking websites" vie the other paper.

[Emster23]

Want to make Thai industry more competitive? How about linking performance with bonuses? "The top three sectors for bonus payments are expected to be power (four months), chemicals (four months), and oil and gas (3.5 months)." Don't know about chemicals, but don't see lots of competition in other areas mentioned.

[Seastallion]

So, whose brother has a company that can't compete and wants free money? Somkid's?

[eliotness]

Is it just me ,or does "the overall salary increase in 2016 is forecasted at 5.8%, up slightly from 5.8% this year" seem nonsense as both figures are identical, so how is it "up"? Obviously they are either talking crap or the paper is in desperate need of a proof-reader.

That apart, these bonuses seem to be huge, or is that the norm in economically challenged Thailand ?