Staff savings

[ruds]

Hi,

I would like to encourage my staff to save some of their salary and I would also like to contribute into a fund for them. Does anyone know how I could go about this? I am thinking along the lines of some kind of bank savings fund but any advice would be greatly appreciated

Thanks

[blackcab]

For a lot of staff the idea of saving on a regular basis is an alien concept.

Perhaps you could consider using the money you would spend as a performance bonus instead? That way everyone gets something.

[mikebell]

We have 5 security guards on our moo-ban. We stop 300 baht a month from their salary (and call it bonus). If there is a burglary/incident that month's bonus is used to (part)-compensate the householder. The last such incident was nine years ago. At New Year all the guards receive their 3,600 back as thanks for another successful year.

[ruds]

Thanks for the reply guys, I already do an in house saving scheme and bonus for them but I would like something a little more official and put this money into something for their future

[blackcab]

Why not gold? Staff love the stuff.

Why not something like the company matches contributions up to x baht per month.

Withdrawals once a year (just before New Year so they can show it off to family).

Minimum withdrawal of half a baht of gold, so they actually have to put something in to get anything out.

[ruds]

Hi Guys, I found what I was looking for from a friend. Its called a Provident Fund and most of the Thai banks do it

Thanks anyway

[blackcab]

Good idea if you have quite a lot of staff.

If you have less staff then the fees charged for running the fund will be spread amongst too few people and it will be uneconomical.

[kingstonkid]

Ruds

What you are looking for is a group savings plan. They are fairly common in Canada and the US and I assume that they are in the UK also.

How they work is that they are set up with a Investment expert (NOT THE BANK).

The company (AIA, and Muang) of the insurance companies have them.

If you know what you are doing they are fairly easy to set up and manage.

They will also over time give you a better return than anything the bank does as they can be written off as an expense for you and part of the government savings plan that they have.

They never see the money so they are not that bad off.

Yes I sold and managed them in Canada if you want more info please PM me. If you are in the BKK I can even meet to assist and educate your staff.

[Centrum]

We have 5 security guards on our moo-ban. We stop 300 baht a month from their salary (and call it bonus). If there is a burglary/incident that month's bonus is used to (part)-compensate the householder. The last such incident was nine years ago. At New Year all the guards receive their 3,600 back as thanks for another successful year.

Wow! 3,600 baht. That's like a whole month's salary, isn't it?

[sanukjim]

You could set up your own "401" type of savings program ,where you add a small fee when ever they have a certain amount building up in their savings. If you are set on trying to help your employees save I do commend you sir.If this comes into being both your company and your employees will benefit .

[gemguy]

Your thinking will more than likely back fire on you.

If you encourage them to save money and or contribute to a rainy day fund then all too often they will start to take days off ...because they can afford too, while bonus money allows them to go back up country for a week at a time and not come back until it suits them or they run out of money and your business is disrupted...or they save the money and then use the money to go look for another job.

Unfortunately, all too many of them ( as in not all of them ) will turn lazy or lazier on you when you give them more money or accumulate some savings and one of the reasons the Thai employers pay them just enough....so they HAVE to come to work

Cheers

[dotpoom]

Explain the principle of how a Credit Union operates and start one up for them.

[Deepinthailand]

We have 5 security guards on our moo-ban. We stop 300 baht a month from their salary (and call it bonus). If there is a burglary/incident that month's bonus is used to (part)-compensate the householder. The last such incident was nine years ago. At New Year all the guards receive their 3,600 back as thanks for another successful year.

Hope one or two of them read this. I would imagine that it ilegal and if not moral wrong.

[Deepinthailand]

Hi,

I would like to encourage my staff to save some of their salary and I would also like to contribute into a fund for them. Does anyone know how I could go about this? I am thinking along the lines of some kind of bank savings fund but any advice would be greatly appreciated

Thanks

If you intend to put money in as well do it without asking them to contribute. That way they still have there monthly income and you are saving some for them. Put it in one account then if an employee leaves after a set time which you decide on say 3 yrs divide the pot into how many employee's you have and give the leaving employee there share

[sawadee1947]

Pay them a reasonable salary. Then they can save some money. Pay them more than they can spend.....555555555

[aronp1]

The king as been trying to do that for years, so good luck.

[Bigstef]

In Thailand it work with the bonus system, one for the king birthday....New year....Chinese new year...Songkran....Queen birthday

[ggt]

Create separate bank accounts for each employee...where they are the beneficiaries...you supply the savings...they will run thru their saving quickly once you pass on...

[minikev]

Easy! Give them a timekeeping bonus. Say 50 baht a day I give 100 baht a day to long term employees. If they are on time every day and don't take a day off without notice or a doctor's note it accumulates and they receive a lump once a year, If they are late once they lose a whole month.

The long term employees think twice before having a hangover day as they will lose a possible 3,000 baht. It's not taking the Mick as it is over and above the salary but it makes sure the deserving get something and the others don't.

[SOTIRIOS]

....duhh...give them a raise....

...otherwise don't 'rub it i their faces'...

...wonder how you would fare on their wages.....

[louse1953]

We have 5 security guards on our moo-ban. We stop 300 baht a month from their salary (and call it bonus). If there is a burglary/incident that month's bonus is used to (part)-compensate the householder. The last such incident was nine years ago. At New Year all the guards receive their 3,600 back as thanks for another successful year.

Nice of you to micro manage guards wages.This is theft for 12 months and where is the the interest on 3,600 baht or do you trouser that has a bonus.Why not give them a real bonus on top of their wages.Colonialism at it's worse.

[louse1953]

We have 5 security guards on our moo-ban. We stop 300 baht a month from their salary (and call it bonus). If there is a burglary/incident that month's bonus is used to (part)-compensate the householder. The last such incident was nine years ago. At New Year all the guards receive their 3,600 back as thanks for another successful year.

Thanks for giving their own money back,minus interest.Have you ever thought how guards family suffers minus his 300 baht,every month.What would you say if your employer did this to you.Thanks for bring me out of semi retirement to reply to this post.

[louse1953]

Create separate bank accounts for each employee...where they are the beneficiaries...you supply the savings...they will run thru their saving quickly once you pass on...

So what!It's their money to use however they please.Would this happen in the West.This is racism,taking care of the little brown people because they can't take care of themselves.It is their money and their life,not the op to micro manage.They are not your children.Pull some money out of your own pocket if your feeling generous,but i can't see that happening.

[ggt]

Create separate bank accounts for each employee...where they are the beneficiaries...you supply the savings...they will run thru their saving quickly once you pass on...

So what!It's their money to use however they please.Would this happen in the West.This is racism,taking care of the little brown people because they can't take care of themselves.It is their money and their life,not the op to micro manage.They are not your children.Pull some money out of your own pocket if your feeling generous,but i can't see that happening.

I love you Louise...realism is not racism...there is a difference...learn to recognize it...

[ToS2014]

Tell any of your staff that you will pay them 500 baht extra TODAY or 1,500 baht at the end of the week. You will then understand why savings is a foreign concept to most.