Thailand could see hefty minimum wage increases as political parties battle to win votes. Federation of Thai Industries (FTI) said the increases could cause between 7 percent and 17 percent of members to close their businesses, especially in the north-eastern provinces and in labor-intensive industries such as garments and textiles and shoes. FTI Chairman Payungsak Chartsutthipol said there were no issues in the past because the increases in minimum wages were made gradually but politically parties are promising to make a quick increase, which is not in line with the practice of the government, labor groups and businesses. As a result, employers either have to lower their costs or raise product prices. Thailand is currently seeking for 500,000 workers. Within the next few years, the country will have a total of 5 to 6 million people retired, while the remaining of 4 million new workers. According to The Bangkok Post, the Democrat Party promises a 25 percent minimum wage increase within two years, while Pheu Thai plans a 30 percent increase in an unspecified period, while both offer corporate income tax cuts to help companies offset higher wage costs.