Business owner blues

In the Bangkok Post’s July 3 edition, some “experts” gave a very one-sided view of the 1997 financial meltdown and “the necessity for more labour protection during such crises”.

Unless you’ve invested your own capital in a business, owned and managed that business, paid all your financial obligations, often made a loss, occasionally a profit, then you are hardly qualified to make comments on how to run a company and take care of your staff. This not only applies to academics but decision makers in government as well.

During the financial crisis 20 years ago when many companies were on their knees the government decided it was the appropriate time to increase severance pay for employees. Staff with six or more years service saw an increase from six to 10 months’ compensation. Great for workers but crippling for business owners, many going broke.

In all the reports I’ve read about this infamous period in Thai history there has been no mention of the Banharn and Chavalit governments which, through sheer greed and incompetence, brought the situation on and caused so much economic dislocation across Asia. Of course, the small clique in the know bought US dollars for 25 baht and after less than a year made a bundle by selling dollars for 56 baht!

Similarly, there has been no mention or credit given to Chuan Leekpai who, as prime minister from late 1997 to February, 2001, quietly led Thailand to recovery. It seems such incorruptible men of integrity and intelligence are difficult to find these days.

Having survived the financial crisis, the yellow shirts, the red shirts, the more recent anti-government demonstrations, plus several coups, it’s not been a stroll in the park owning and operating a business in Thailand. Paying staff their lawful severance pay out of one’s own savings when a business had to close because of such disruptions, is not fun. The point I’m trying to make is that business owners take all the risks and suffer greatly during these upheavals, not just the employees.

And some labour rights groups decried a government move to extend the retirement age from 55 to 60. This is when many Western countries are finding it necessary to have their work force carry on until the age of 67 to help cover pension payments.

Do these people want their cake and eat it too, or what? BEEN THERE. DONE THAT.