BANGKOK – The government is pursuing its goal to assist indebted government employees whose debts now amount to 1 trillion baht in total. Deputy Prime Minister Somkid Jatusripitak has ordered the Government Savings Bank (GSB) and Bank of Thailand to offer assistance measures such as payment reductions and refinancing. More details of these measures are expected to be available in 1-2 weeks
Deputy Prime Minister Somkid Jatusripitak has delivered policies to GSB executives on the transformation of the bank into a socially-conscious financial institution, which offers help to all people.
The DPM stressed the necessity to solve debt issues among government employees, saying the GSB should work with the Bank of Thailand to adopt feasible measures that help releive the financial burden faced by government employees, to help them have a better quality of life.
The GSB President and CEO Chatchai Payuhanaveechai said today the bank has offered loans to 1.18 million government employees, worth in total 629 billion baht. These loans were mostly taken out by civil servants at the Ministry of Education at 41 percent, or about 400 billion baht. The total debt owed by government employees is some 1 trillion baht.
The GSB will be working to promote financial discipline among its clients, pushing back payment deadlines and reducing the interest late. Refinance will be offered to Non Performing Loan clients to improve their situation. These measures are now being studied, and will be proposed to the Ministry of Finance for further consideration within 1-2 weeks. The measures will be officially introduced and implemented this year in March.
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