20 July 2024

A group of former employees of the now-defunct “The One Insurance” company rallied in front of Thailand’s Office of the Insurance Commission (OIC) since this morning (Thursday) to demand their unpaid compensation.

Speaking on behalf of the laid-off workers, a labour activist said that about 300 former employees of the firm have not received any compensation almost two months after the closure of the company.

According to the law, the Non-Life Insurance Fund is technically obliged to pay laid-off workers overdue salaries, severance pay and other benefits, estimated at about 82 million baht plus 15% interest, within 30 days of the January 14th announcement that those laid off will get paid.

He claimed that many of the workers are in serious trouble because the company’s closure was so sudden, it caught them totally unprepared, adding that a number of them are over 50 and may have difficulty finding new jobs.

The One Insurance is among many other insurance companies that plunged into deep financial trouble after claims for compensation from customers who took out the “Found, Paid, Done” insurance policies, to cover COVID-19 infection, drained its financial reserves.

The OIC intervened by ordering the company to stop accepting new customers and to focus on solving its financial problems. In the end, the Finance Ministry ordered the revocation of its operating license, resulting in the mass layoffs.

The protesters complained yesterday that their plight has simply been ignored. They also warned that they might maintain a vigil in front of the OIC tonight if there is no response to their demand.