Employees laid off in insurance coverage firm collapse demand overdue funds

Accessible from an insurance firm bankrupted by Covid-19 have rallied exterior the Office of the Insurance Commission, demanding overdue salaries and severance monies be paid. Around 300 staff of The One Insurance have been made redundant when the firm collapsed, however have yet to obtain payments and other compensation owed to them.
According to a Thai PBS World report, one labour activist mentioned it has now been almost 2 months because the firm closed and former employees still haven’t received what they’re owed. The regulation dictates that the Non-Life Insurance Fund should pay overdue salaries to workers who’ve been laid off, along with severance pay and other advantages. These are estimated at round eighty two million baht, plus 15% interest. Payment have to be made within 30 days of the January 14 announcement that confirmed laid-off employees can be paid.
The activist says many former workers are actually in dire monetary straits, due to the company’s sudden collapse, which gave them no time to prepare. It’s understood that some employees re over the age of fifty and worry they will face discrimination when applying for model spanking new jobs.
The Covid-19 pandemic has driven many Thai insurance coverage companies to the brink, on account of compensation claims arising from holders of “Found, Paid, Done” insurance coverage insurance policies, which provided protection in the occasion of Covid-19 an infection. Thai PBS World stories that The One Insurance had all its finances exhausted by the claims.
At the time, the OIC received involved and ordered the agency to cease selling any extra insurance policies and to focus on solving its financial difficulties. However, the Finance Ministry ended up having to revoke the company’s licence, which then led to mass redundancies.
Yesterday, the former staff involved within the protest said their state of affairs is being ignored they usually may stage an all-night vigil in entrance of the OIC if their calls for for compensation and overdue salaries are not met..

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