Employees laid off in insurance coverage firm collapse demand overdue payments

Former staff from an insurance coverage agency bankrupted by Covid-19 have rallied outside the Office of the Insurance Commission, demanding overdue salaries and severance monies be paid. Around 300 employees of The One Insurance have been made redundant when the firm collapsed, but have but to obtain funds and different compensation owed to them.
According to a Thai PBS World report, one labour activist mentioned it has now been practically 2 months since the agency closed and former staff still haven’t acquired what they’re owed. The legislation dictates that the Non-Life Insurance Fund must pay overdue salaries to staff who’ve been laid off, along with severance pay and different advantages. These are estimated at around eighty two million baht, plus 15% interest. Payment should be made within 30 days of the January 14 announcement that confirmed laid-off staff would be paid.
The activist says many former employees are now in dire monetary straits, as a outcome of company’s sudden collapse, which gave them no time to arrange. It’s understood that some workers re over the age of fifty and concern they will face discrimination when applying for brand spanking new jobs.
The Covid-19 pandemic has driven many Thai insurance corporations to the brink, because of compensation claims arising from holders of “Found, Paid, Done” insurance coverage policies, which provided coverage in the occasion of Covid-19 infection. Thai PBS World stories that The One Insurance had all its finances exhausted by the claims.
At Surge , the OIC got concerned and ordered the firm to cease selling any extra 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 employees concerned within the protest said their state of affairs is being ignored and so they might stage an all-night vigil in front of the OIC if their calls for for compensation and overdue salaries aren’t met..

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