Bangkok--24 Aug--SET
The Stock Exchange of Thailand (SET) will allow its employees to borrow to invest in LTFs (long-term equity funds). The purpose is to strengthen staff’s savings discipline, diversify their investments, and allow them to gain tax benefits. It is expected that other organizations will follow SET’s lead. The Exchange’s “Let’s Activate Your LTFs” campaign has been doing well, with total value in July increasing by more than 100% from the previous month.
The Board of Governors resolved today (August 23, 2006) that employees of SET and its subsidiaries, up to Assistant Vice Presidents, can borrow from SET to invest in LTFs at no interest, SET Executive Vice President and Board Secretary Ms. Nongram Wongwanich said.
“In the board’s view the scheme will encourage employees to save, and win them tax benefits, as LTF investment up to THB 300,000, can be deducted from annual net income. However, investment must be made on a monthly basis to familiarize staff with the savings and risk aspects of the scheme,” Ms. Nongram declared.
She added that by promoting employees’ savings and investment management, this scheme could be a model for other organizations. Investing in LTFs will not only yield tax benefits, but, as part of the promotion campaign, participating employees are eligible to win additional investment in lucky draws.
Those who have been investing in LTF for at least three consecutive months in 2006 are eligible for promotional prizes, and could receive up to THB 10,000 in LTF investment for a month. The first draw will be in October.
“Since the campaign’s inception in July, investment in LTFs has more than doubled nationwide. Previously the monthly average LTF investment was THB 200 million. This rose to THB 500 million in July, and is expected to be around THB 600 million in August. As LTFs become more popular, we would like to encourage people to join now, to gain the tax benefits and be part of the lucky draws. The sooner they join, the sooner they may win a prize,” said Ms. Nongram.
For more information on LTF promotion campaign, please see www.set.or.th/ltf or call 0-2229-2222.
For more information, please contact the Corporate Communication Dept.:
Ladawan Kantawong Tel: 0-2229-2036 /
Kulvida Jintakawong Tel: 0-2229-2037
Nattaporn Boonprapa Tel: 0-2229-2049 /
Watsamon Saowakhonsathien Tel: 0-2229-2797