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Nearly 5,000 Thai Airways staff to deplane in voluntary resignations

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Nearly 5,000 Thai Airways staff to deplane in voluntary resignations | The Thaiger
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Officially, 4,977 staff at Thai Airways have applied for different stages of its Mutual Separation Plan for the survival of the airline. In other words they’ve been politely asked to resign. The airline employs about 20,000 people.

The beleaguered national carrier has endured a decade of substantial losses, endless headlines about systemic corruption, padded senior staff contracts and executive perks. In the midst of the impact from the border closures in April, Thai Airways executives again approached the Thai government for another cash bailout. But this time the Cabinet bristled and forced the airline into a “rehabilitation” program, effectively bankruptcy proceedings.

Acting Thai Airways president Chansin Treenuchagron said the airline offered the MSP to its staff because it had been loss-ridden and the impacts of the coronavirus disease 2019 caused it to undergo rehabilitation.

“Cargo and repatriation flights, food services from its catering department and the sales of Thai Airways souvenirs could not make up for lost revenue from the stalled passenger service.”

The airline management invited early retirement applications from October 19 to 28. During the period, 1,918 employees applied to retire on Dec 1; 2,699 employees wanted to leave with 20% salary payment for six months from November to April and would later apply for early retirement; and 360 employees applied for both choices.

“The applicants contributed to the survival of the airline”.

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10 Comments

10 Comments

  1. Avatar

    sam thompson

    November 1, 2020 at 8:28 am

    A thorough check of their accounts by an outisde and independent firm should be employed to find out the levels of misuse of funds by the top officials in this company. Being bailed out by public money is bad enough when a company has done its best to survive but if the hard times are also caused by nepotism, favouritism, corruption and misuse of funds, then it is just cause for [criminal] action.

    • Avatar

      Khun plastic

      November 1, 2020 at 8:38 am

      Somebody should also have a good look at the dealings with airbus and Rolls-Royce,particularly in relation to the 340.
      A disgrace all round and very sad for the many hard working staff who are the one’s whos careers have been destroyed.
      How to turn a world class company into a basket case.
      You could not make it up!

  2. Avatar

    Khun plastic

    November 1, 2020 at 8:30 am

    Well worth a look at the Thai website, very sad day for the many hard working staff in the company.
    I would imagine anybody who has paid for future flights with Thai will be unsecured creditors.

  3. Avatar

    Gosport

    November 1, 2020 at 8:44 am

    Good for them to leave comfort zone. Something new and wonderful is waiting. Passengers service wont make money in 10 years.

  4. Avatar

    Maag

    November 1, 2020 at 8:50 am

    This company was alredy dead , due to corruption and poor management !

  5. Avatar

    Johnny Rambo

    November 1, 2020 at 11:10 am

    “In other words they’ve been politely asked to resign.”

    Wait, there is politeness in Thailand ?

  6. Avatar

    preesy chepuce

    November 1, 2020 at 1:05 pm

    Sounds like a colourful string of words to describe redundancies… is there going to be a change in management and leadership too?

  7. Avatar

    Tony Grace

    November 1, 2020 at 4:31 pm

    Used this airline so many times always found the staff on the ground and in flight toawlays go the extra mile regards service,The problem here was so many top leavle staff with there snouts in the trough abuseing there positions where family and in many cases friends were given free flights and other gratuities no company can sustain this level of incompetence. So to but it in context what went wrong? ( The Management)

  8. Avatar

    Svsb eidhdg

    November 2, 2020 at 5:01 pm

    Too Expensive and I found the staff to be stuck up and unhelpful and the planes very old. I won’t miss THAI.

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Pattaya

Pandemic has washed away Pattaya’s “soapy” massage parlours

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Pandemic has washed away Pattaya’s “soapy” massage parlours | The Thaiger

While the Covid pandemic has hit Thailand’s businesses hard, it has also washed away its not-so-legal soapy massage parlours after tourism has dried up its clientele. Such places, known as glorified brothels, have left many masseuses out of work as boards have barricaded the once booming establishments.

Soapy Massage (àap-òp-nûat, อาบอบนวด, literally bath, steam, massage)…
These are the bigger massage parlours where girls are presented in the fishbowl and you get the full program (including sex) for a fixed price, depending on the girl starting from 1,500 and up to 5,000 Baht.

Only a few of the soapy services have survived the pandemic in Pattaya, with Honey Massage Parlour being one of them, according to The Pattaya Mail. After adjusting to the new requirements for social distancing, the business has re-opened on November 19. However, its largest shop has closed, once known as Honey 1 on Soi Honey, or Soi 11, the windows are dark and barricaded. Honey Inn is also up for sale.

25 year old masseuse Maywadee, says she used to work in such parlours where she would get a cut of the 1,500 to 2,500 baht fee. She says she used to see up to 7 clients a day, but now that number has been cut in half as Chinese and Japanese tourists, who were her largest group of customers have dwindled. Now, she is thinking about heading back to her home city of Chiang Mai, to sell handicrafts, as her Pattaya income has dried up.

Such parlours feature masseuses that are usually not native to the area, as many come from lower socio-economic areas such as Thailands northeastern provinces, otherwise known as Isaan. Many make the trip to tourist-driven cities like Pattaya, Koh Samui, Bangkok and others, in an attempt to make a higher salary than they would if they were back in Isaan.

SOURCE: The Pattaya Mail

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Business

Bank of Thailand takes action to curb Thai baht’s strength

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Bank of Thailand takes action to curb Thai baht’s strength | The Thaiger

The Bank of Thailand has moved forward measures, originally meant to begin early 2021, but most of which will now take effect from end of this month. The end result is that the new rules will make it easier for Thais to shuffle money overseas and invest in foreign assets. It will also make is easier for Thai citizens to hold foreign currency in local banks. The new rules will also require the registration of local and overseas bond investors.

“Following the U.S. elections and positive news on Covid-19 vaccine development, investors have turned toward investing in emerging markets, including Thailand. The situation has resulted in strengthening the baht quickly and can impact economic recovery.”

“The registration of bond investors will allow close monitoring of investor’s behaviours and thereby enable the implementation of targeted measures in a timely manner.”

Last week the Bank of Thailand assessed that the Thai baht’s recent rapid gains could affect the country’s “fragile” economic recovery. The Thai government has called on the central bank to do its best to use what tools it has at its disposal to restrain the baht to protect exports.

Khoon Goh, head of Asia research at ANZ Banking Group, says that he central bank also will continue to resort to direct intervention in foreign-exchange markets.

“The issue here is that local investors have a very strong home bias. Making it easier to invest overseas may not actually encourage them to do so.”

The Thai baht has been the 2nd best performer in Asia this month after foreign investors turned net buyers of almost $2.4 billion of bonds and stocks as appetite returns for riskier emerging-market assets amid a weak dollar, according to Bloomberg.

The Thai baht had recently rallied 8.8% from this year’s low in April, hitting a 10 month high last week.

SOURCE: Bloomberg

This morning, Thai time…

Bank of Thailand takes action to curb Thai baht's strength | News by The Thaiger

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Technology

Hotel investment group launches world’s first “green” hotel fund

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Hotel investment group launches world’s first “green” hotel fund | The Thaiger

Destination Capital, a hotel investment group in Bangkok, has announced that it will launch the world’s first ever “green” hotel fund. The fund will acquire hotels and implement sustainability systems and procedures to promote long term environmental and financial sustainability in investments using the EDGE certification programme. EDGE, an online platform, is an innovation of the International Finance Corporation, which helps property developers to build and brand “green” establishments in a fast and affordable way. EDGE is used by more than 170 countries and reportedly has kept almost 230,000 tonnes of carbon dioxide annually from entering the atmosphere.

DC’s fund, titled Descap I, is part of its efforts to acquire freehold, 4 star hotels in prime destinations all over Thailand. James Kaplan, the CEO of DC, says he sees opportunities to renovate hotels to accommodate “green” technology and systems due to the current Covid pandemic that has ravaged the tourism sector in the kingdom.

“Destination Capital’s adoption of the EDGE certification program will provide the Descap I with the opportunity to gain a competitive advantage by differentiating our products and improving carbon emissions of the hotels.”

“If there is one thing we have learned during Covid-19 it is that the environment and nature recover quickly from poor resource management practices. Our participation in EDGE will serve to encourage the hospitality industry to adopt best practices with respect to better managing our scarce resources, raise broader consciousness about global warming and stem the tide of environmental degradation. We will implement operational elements to reduce water consumption, reduce waste emissions, reduce electricity use, and to the best of our ability eliminate plastic usage.”

Descap I, is a Thai Private Equity Trust. The company partners with Private Equity and Institutional Funds to source hotel acquisition opportunities and manage assets in the Asia Pacific region, turning its main focus to Thailand.

SOURCE: Pattaya Mail

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