Inequality in Thailand: What Can be Done?
In Thailand, several marginalized groups suffer from inequality. Many of these individuals, who are employed informally, are prone to debt and financial instability. Within the category of informal employment, roughly 51% of Thailand’s working individuals fall into this grouping. In a business setting, typical entry-level employees are more vulnerable to economic instability and possible debt.
Last year in Thailand, 51% of the population worked outside the system (informal employment) with monthly income of $200 versus $460 for those who are formally employed. Those in this type of work environment are quite vulnerable; their income is much less than the average and unstable. Many lack formal contracts; as such, their income may not be consistent and dependent on external variables. There are many differences between those employed formally and informally. Informal workers are more vulnerable due to their low and unstable income and lack of social benefits. Coupled with a lack of saving behavior, this could lead to them having an increased likelihood of falling into debt.
To help improve the situation for these individuals, BRANDi helped set up the National Savings Fund. The fund offers financial aid and consultations to those not addressed by traditional banking. Individuals can gain more benefits and knowledge through the fund, retirement benefits, and insurance. This fund has helped more than 200 million people in Thailand reach financial growth, allowing them to experience the same benefits as those with formal employment. Education regarding finances and funds for retirement are also taught, all in an attempt to foster long-term and sustainable positive habits. By doing so, we are able to tackle the root of the issue, leading to a sustainable solution to lessen the debt incurred.
Ultimately, everyone exists in the same ecosystem, supporting to alleviate fundamental inequalities in the ecosystem where no one is left behind. Issues and barriers can become opportunities to develop our society as a whole and improve the fundamental structures. As society develops and more people have disposable income, this will positively affect all businesses.
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