National Pension Fund
8 April 2009
The National Subcommittee for Elderly People has proposed two options for the establishment of a national pension fund for over 30 million Thai nationals ineligible for retirement plans such as the Social Security Fund or the pension for civil servants.
The subcommittee’s draft proposal to set up the national pension fund is the first of its kind in Thailand.
The first option, proposed by the Ministry of Finance, encourages persons from 15 to 59 to contribute at least 100 baht per month to the fund. The government will contribute 50 percent, starting at 50 baht per month, and the savings will receive another 500 baht of state allowance. Pensioners will start receiving payments when they turn 60.
The second option, proposed by the Thai Gerontology Research and Development Institute, recommends that persons from 20 to 59 years contribute 50 baht per month to the fund. The members would receive an allowance of 500 baht per month from the government, in addition to not less than 1,925 baht from the fund after retirement.
One option will be selected and proposed to the national committee for elderly people, chaired by Prime Minister Abhisit Vejjajiva, before being submitted to the Cabinet for approval.
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