Today, THAI ACCOUNTANT answers a question from one of our payroll clients regarding the Workmen’s Compensation Fund contribution.
Question:
We have just received a letter from the Social Security Office regarding the Workmen’s Compensation Fund submission. Our Thai staff told us that they are forms to be submitted for this year and for the previous year’s workmen’s compensation fund contribution. Why do we have to pay for both years now?
Answer:
Companies in Thailand who have employees normally receive some forms from the Social Security Office in December or early January of each year.
- Form “Kor Tor 26 Kor” is the form that the Social Security Office estimates the amount of Workmen’s Compensation Fund contribution for the new year (2012) for your company to pay. It is estimated from 2011 salaries that the official has seen from the Social Security form filed monthly throughout 2011. In this form, it says the amount you have to pay for the fund of 2012. The payment must be made to the Social Security Office within this month (January 2012).
- Form “Kor Tor 20 Kor” which appears on the same paper under Form Kor Tor 26 Kor of the year 2012, is for the company to fill out the total figure of 2011 payroll (but for each employee, the maximum annual salary for workmen’s compensation fund calculation purpose is not more than Baht 240,000 only). The figure is obtained from the worksheet we will talk about in no.3 below. This form is to be compared with the amount you paid in Form “Kor Tor 26 Kor” of the previous year and make you pay the difference within the end of February (in case you paid too little in 2011) or give you the refund (if you paid too much in 2011).
- The third form which is a separate sheet of paper is the worksheet to show the calculation of the annual salaries to attach to Form “Kor Tor 20 Kor”.
Contact MSNA for further assistance and information on Workmen’s Compensation Fund and Thailand Labour matters.