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[Thai Economics Library | Archives| Currency Crisis 2007| Entrepreneurs]
May 27, 2010

Thai government post-Ratchaprasong protest relief measures for businesses and employees

By Jon Fernquest

zen deaprtment store burnedMany wonder how the government will help businesses and employees that lost their income and in some cases all their property.

Today's article is a thorough overview of the government relief measures provided in the business section of yesterday's Bangkok Post.

You may also wish to read the Wikipedia version of events that transpired last week (See Wikipedia and larger conflict).

Many have also raised concerns that attention is not being paid to the people who were killed during the protests. This includes not only relief to their families but also providing suitable memorials (Read Thitinan's Pongsudhirak's article today and also see @Thai101's spreadsheet of the protest dead many of whose names are still not publicly known).

Today's article begins after the vocabulary below.

income - money that people receive from work or some other source, used for household consumption and savings
property - land and buildings, assets or things owned by a person or company
thorough - including everything (or as much as possible)   
overview - description of main features of something
relief - help; assistance after a natural disaster, war, etc. ผ่อนคลาย, บรรเทา, การช่วยให้พ้นภัย
measures - actions taken to deal with a problem มาตราการ
version of events - one description or explanation of events (among the many possible)
transpired - happened
concern - a worry ความกังวล
raised concerns - said they were worried about something
attention paid to - watching what is happening and being concerned about it
protests - meetings, sometimes forceful or violent, or public statements by people who strongly disagree with something ชุมนุมประท้วง
protest - a strong complaint or disagreement ประท้วง
suitable - acceptable or right for someone or something เหมาะสม
memorials - holding an event or building a structure to remember and honour people who died in a war or conflict  

RIOT AFTERMATH

Relief measures approved

Jobless coverage and rental support
Chatrudee Theparat
26/05/2010

The cabinet yesterday approved a series of measures to help alleviate the impact of political unrest on companies and their employees.

The relief measures include payment of 7,500 baht a month for six months for workers made jobless by the unrest, in addition to six months' compensation from the Social Security Fund.

For those who are not fund members, the cabinet also approved in principle a plan to provide 7,500 baht per month per person.

riot - a violent protest by a group of people ความไม่สงบ การจลาจล 
aftermath - the things that happen after a bad event 
relief - doing things to make a bad situation better
measures - actions done to solve a problem มาตราการ
coverage - how much or what sort of harm or damage insurance or a government relief program pays for
support - help, by giving money, for example สนับสนุน
series - many things in a line or a row, happening one after another
series of measures - doing many things over time to solve a problem
alleviate - make a bad situation better, make a problem less severe
impact - an effect or influence ผลกระทบ
political unrest - when people are fighting, demonstrating and rioting over political issues
relief - help; assistance การช่วยให้พ้นภัย
compensation - money paid to a person for damage they suffered เงินชดเชย
Social Security Fund (SSF) - a government programme to provide different sorts of benefits to workers such as money when they lose their job or money when they get injured on the job, workers and their employers pay part of their pay checks every month into the fund (See list of benefits) 
fund - money collected together for a prject or special purpose เงินทุน กองทุน
approved in principle - not officially approved yet, but they like the idea and think they will approve it in the future
provide - give

The cabinet is scheduled to consider next week whether the payments to non-SSF members should be for three or six months.

For workers at large and medium-sized businesses at the Ratchaprasong intersection, the cabinet has approved a budget of 417.3 million baht to support one month's salary for all staff. Eligible employees are estimated to number 30,661, at 2,113 businesses.

For small enterprises at Ratchaprasong, the government will set aside 444.1 million baht to help pay one month's rent to building owners in exchange for a 30% discount in the rental charge.

scheduled - planned to happen at a particular time or day ตามตารางเวลา
intersection - a place where roads, lines, etc., join or cross each other สี่แยก
budget - the plan for spending during a period of time within a company or organization  (See Wikipedia) งบประมาณ
salary - a fixed amount of money that you earn each month or year from your job เงินเดือน
staff - workers, employees พนักงาน
eligible - allowed to do something or get something, according to the rules
estimated -  saying what you thing an amount is, by guessing or calculation
enterprises - companies
rent - to pay money for the use of something for a period of time เช่า
X in exchange for Y - give X to get Y 
discount - reduced price
charge - amount of money that must be paid for something

The proposal will be raised at the cabinet meeting next Tuesday.

Small businesses in the Siam Square-Chulalongkorn University area will also receive discounts on rental fees of between 20% and 70%, based on damages.

Korbsak Sabhavasu, the secretary-general to the prime minister, said the cabinet also approved a 50,000-baht payment to each shop owner affected by arson attacks after troops dispersed anti-government protesters last week.

Finance Minister Korn Chatikavanij said the cabinet approved a budget of 5 billion baht for the SME Bank to offer to entrepreneurs, on condition that the first 300,000 baht of 1 million baht in secured loans carry no interest and the remaining 700,000 baht a 3% annual rate. The grace period is one year.

proposal - a plan or suggestion for a group to consider ข้อเสนอ
meeting - when a group of people come together to discuss issues and make decisions การประชุม
fees - money that you pay to be allowed to do something ค่าธรรมเนียม
rental fees - money paid to rent real estate (building, office, home, land)
disperse - break up and remove a group that has gathered together in a place
disperse protesters - break up and remove a group of protesters at a place
entrepreneurs - business people เจ้าของกิจการ
condition - something that must be done before another thing can happen เงื่อนไข
X on condition that Y - X can happen if Y happens
interest - payments made for the use of another's money for a period of time
secured loans - agreeing to give lender some valuable thing (real estate, stocks, bonds...) if you do not pay back your loan 
loans carry no interest - just have to pay back amount loaned (no extra "interest" charge)
annual - happening once a year ประจำปี
annual rate - the amount of interest paid per year (as a percentage of amount borrowed)
grace period - extra time given to do or complete an activity (example: grace period for paying a bill)

Small entrepreneurs with collateral are entitled to borrow up to 3 million baht at 2% interest with a one-year grace period.

The cabinet also approved the extension of a measure to stimulate the property sector for another month. It extended the reduction of the asset transfer and mortgage registration fee to 0.01% until the end of June. It was due to end on May 31.

collateral -  property or assets that a borrower promises to give lender if they cannot pay a loan back  (See glossary) ทรัพย์สินผูกพันตนเพื่อเอาไว้หักชำระหนี้หากไม่ชำระหนี้นั้น
entitled - having the right to have or do something มีสิทธิโดยชอบ
extension - an increase in the power or effect of something ขยายขอบเขตออกไป
measure - an action taken to solve a particular problem มาตรการ
extension of a measure - adding time to an action being taken (example: fee reduction for a longer period)
stimulate - encourage activity, growth, and development กระตุ้น (See glossary)
sector - a group that is part of a larger group  (public sector = government, private sector = all businesses, household sector = families and consumers, banking sector,...) (See Wikipedia) ภาค (ทางเศรษฐกิจหรือสังคม)
property sector - all the companies that build and sell buildings and homes
asset - something owned by a person, company etc., particularly money and property ทรัพย์สิน
transfer - to official arrange for someone else to be the owner of something โอน
mortgage - a legal agreement in which you borrow money from a bank in order to buy a house, build something, develop a piece of land, etc.การจำนอง
registration - recording in an official list
fee - an amount of money that you pay to be allowed to do something ค่าธรรมเนียม

The extension was approved on the grounds that political violence had halted registrations and mortgage approvals over the past month.

Mr Korbsak said the cabinet also directed the Finance Ministry to study how to accelerate insurance payments and to negotiate eased payment terms to help the insured.

A panel led by Mr Korbsak will discuss insurance measures again on Friday.

grounds - reasons for what you say or do บนมูลเหตุว่า บนพื้นฐานว่า
violence - physical force with the deliberate intention of causing damage to property or injury or death to people ความรุนแรง
halted - stopped
mortgage approvals - when a bank decides to give a person or business a loan to buy real estate
accelerate - go faster and faster , cause to happen more quickly เร่ง
insurance - a system of protection against loss, a person pays money every month (premiums) for a guarantee that the company will pay them money if they or their property is damaged or lost (See Wikipedia) การประกันภัย
negotiate - discussions between two sides to reach an agreement
negotiate eased payment terms - discussions between buyer and seller to reduce payments over time
terms - conditions; requirements ข้อกำหนด
panel - a group of experts discussing a problem or trying to solve a problem

Help on the way

Employment
Workers under the Social Security Fund (SSF) who were left jobless will be entitled to 7,500 baht a month for six months. Cabinet will consider the same sum for those not in the SSF, possibly for three to six months.

For affected large and medium-sized businesses, government will cover salaries for three months, at an estimated cost of 417 million baht, if they agree not to lay off any workers.

sum - an amount of something, especially money จำนวนเงิน
cover salaries for three months - pay workers for three months
lay off - lose job at company because no work
Ratchaprasong entrepreneurs
Government will ask building owners to cut rents by 30%, with help of subsidies totalling 444 million baht, pending cabinet approval next Tuesday.

Small entrepreneurs in Siam Square will be entitled to rental discounts of 20-70%, with details to be decided Friday. Temporary shops in Siam Square to be developed with state support of 88 million baht.

subsidies - paying part of the cost of some activity เงินช่วยเหลือ เงินสนับสนุน
pending - waiting to be dealt with, settled or completed ยังค้างอยู่, ซึ่งยังไม่จบสิ้น, อยู่ในระหว่าง
approval - official permission การอนุมัต
state - government รัฐ
Other retailers
CentralWorld will move staff to other branches and set aside locations at Central Department Store at Lat Phrao for small entrepreneurs. The aid is contingent on Central receiving a one-year extension, without additional payment, on its 20-year lease with the State Railway of Thailand

For Centre One entrepreneurs, the government pledges to seek a new location for them, possibly opposite the existing venue, rent-free for six months.

The government will offer 50,000 baht each for entrepreneurs whose shops were burned.

aid - help; assistance ความช่วยเหลือ
X contingent on Y - X depends on Y, if Y happens then X can happen
one-year extension on Y - one more year added to the time of Y
lease - a legal agreement in which you pay money in order to use a building, piece of land, vehicle, etc. for a period of time สัญญาเช่า
venue - the place where an activity or event happens สถานที่ที่จัดงาน, สนามแข่ง
SME Bank
The government will provide a support fund for 5 billion baht in soft loans to small entrepreneurs with a one-year grace period

soft - not strict อ่อนด้วยเหตุผล
soft loans - loans without strict terms (lower interest rates, fees, pay back period)

(Source: RIOT AFTERMATH, Relief measures approved, Jobless coverage and rental support, Chatrudee Theparat, 26/05/2010, link)


Posted by Jon Fernquest at 04:04 PM | | Comments (0)


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