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Economy

Thailand approves 5% to 8% minimum wage increase

Companies worry higher labor costs will dampen profits amid fragile recovery

Thailand's cabinet, led by acting Prime Minister Prawit Wongsuwan, on Sept. 13 decided to raise the minimum wage for the first time in two years.   © Reuters

BANGKOK -- The Thai government on Tuesday approved raising the minimum wage by 5% to 8%, stirring concerns in key industries like agriculture, construction and hotels that are already dealing with rising costs for commodities, key components and other necessities.

"The cabinet approved the minimum wage rise proposed by the Labor Ministry," said Deputy Prime Minister Prawit Wongsuwan, who is leading cabinet meetings as acting prime minister.

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