Qualifying Age For Old-Age Benefit To Be Raised

As a result of the country’s growing elderly population the Government is planning to increase the age for people to qualify from 55 to 60.

Secretaty-general Suradej Waleeittikul of the Social Security Office (SSO) said yesterday that his office was in charge of overhauling the scheme, which includes moving back the entry age for old-age benefit by 5 years.

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Qualifying Age For Old-Age Benefit To Be Raised

The scheme at present covers 14,148,310 elderly people in Thailand.

He said a subcommittee has been set up by the SSO to review the scheme has also considered increasing the salary ceiling for monthly contributions into the scheme from 15,000 baht to 20,000 baht.

By increasing the entry amount employees will save more for their retirement through money both they and their employer pay in each month.

The subcommittee is due to meet on the 11th July before public hearings will be held across the nation between July and August.

Suggestions made during the public hearing will be considered by the committee before any action is taken.

As of the 31st May 2017 the Social Security Fund which finances the scheme had amassed a total investment fund of 1.6 trillion baht, from which 1.13 trillion baht came from monthly contributions from insured employees, employers and the government.

Source : Thenation

Content : LovePattayaThailand

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