Chapter 5
Penalties
Section 32. Any fund which fails to use a name in the Thai language preceded by
the words, “Provident Fund” and followed by the words, “Which Has Been Registered”, or
uses a name in a foreign language but fails to use the words with corresponding meaning in its
seals, nameplates, letters, notices, or other documents relating to its business, shall be subject
to a fine not exceeding five thousand baht.
Section 33. Any person who uses a name in the Thai language preceded by the
words, “Provident Fund” and followed by the words, “Which Has Been Registered”, or uses a
name in a foreign language with corresponding meaning in its seals, nameplates, letters,
notices, or other documents relating to its business while it is not a fund under this Act, shall
be subject to a fine not exceeding five thousand baht, and additional fine not exceeding five
hundred baht per day until it stops such use.
Section 34.29 Any fund committee that fails to comply with the second paragraph of
Section 11, Section 21, the third paragraph of Section 25, or Section 26, or appoints a person
who is unqualified under Section 13 to be the fund manager, shall be subject to a fine not
exceeding ten thousand baht.
Section 35.30 Any fund manager who fails to comply with the order of the registrar
under Section 12bis, or fails to comply with Section 16, Section 17, Section 23, Section 23/1
or Section 23/2, shall be subject to a fine not exceeding fifty thousand baht.
Section 36.31 (Repealed)
Section 37. Any employer who fails to comply with Section 15 shall be subject to a
fine not exceeding twenty thousand baht.
Section 38.- Section 39.12 (Repealed)
Section 40. Any person who fails to comply with the order of the registrar or the
competent officer, or obstructs or fails to facilitate the registrar or the competent officer who
discharges his duties pursuant to Section 30, shall be subject to a fine not exceeding five
thousand baht.
Section 41. In case of commission of offense by the fund committee under Section
34, every committee member shall be deemed to have committed the offense, unless he can
prove that he did not connive with other committee members or has taken reasonable steps to
prevent the commission of such offense.
Section 42. A committee appointed by the minister shall have the power to settle
the offenses committed against this Act under Section 38 of the Penal Procedure Code.
The committee appointed by the minister under the first paragraph shall consist of three
persons, one of whom must be an inquiry official under the Penal Procedure Code.
When the committee has settled any case and the alleged offender has paid the fine as
determined by the committee within the period of time specified by the committee, such case
shall be regarded as settled.
Section 43. Any offense under this Act shall be barred by prescription if it is not
brought to the court or forwarded to the committee for settlement under Section 42 within one
year from the date on which the registrar or the competent officer found the commission of
offense, or within five years from the date of commission of offense.
Countersigned by:
General P. Tinnasulanonda
Prime Minister
Remarks:
The Provident Fund Act B.E. 2530 – The reasons for the enactment of this Act are as follows:
Whereas it is appropriate to promote voluntary establishment of provident funds by employers
and employees to provide a welfare for employees upon their termination of employment as
well as to mobilize savings of the private sector for utilization in the national economic
development, it is expedient to enact this Act for the purpose of prescribing the rules for the
operation and management of provident funds so that they will be well-established and
beneficial to employees.
The Provident Fund Act (No. 2) B.E. 2542 – The reasons for the enactment of this Act are as
follows: Whereas the management of provident funds under the law governing provident
funds is an operation of investment management business similar to the operation of securities
business in the category of private fund management, it is appropriate to revise the powers of
the minister and the registrar in supervising the management of provident funds and to subject
the management of such funds to the provisions regarding private fund management under the
law governing securities and exchange so that the management of both types of funds shall
comply with the same standards and principles.
The Provident Fund Act (No.3) B.E. 2550 – The reasons for the enactment of this Act are as
follows: Whereas the existing law governing provident funds does not fit the changing
circumstances, it is expedient to allow the transfer of employees’ assets in the Government
Pension Fund to provident funds and to allow provident funds to have multiple investment
policies as members’ choices as well as to allow the employees whose memberships are
terminated due to retirement to request installment payments from their provident funds. The
retirees will also be allowed to maintain their memberships without having to continue paying
savings while the employer is not required to pay contribution respective to the retirees. This
is to support continuity of savings through provident funds for the best interest of provident
funds’ members.
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29 Amend by Section 13 of the Provident Fund Act (No. 2), B.E. 2542
30 Amended by Section 13 of the Provident Fund Act (No. 3), B.E. 2550
31 Repealed by Section 14 of the Provident Fund Act (No. 2) B.E. 2542. |
