Social Security plans to expand the contribution ceiling to 17,500-20,000 baht, along with extending the retirement age for insured people to 65 years, along with investment management. Set a target return of no less than 5 per cent.
On March 15, 2024, Matichon reported that Mr. Pipat Ratchakitprakarn, the Minister of Labor It was revealed after discussions with investment companies AllianceBernstien Asset Management (Korea) Ltd. in Seoul, Republic of Korea (South Korea) to invest social security fund money to get returns to the fund.
Mr Phiphat said that the NHSO has brought the money at the moment The Social Security Fund invests in 8 funds with high stability from AB Company, a fund management company from Korea. The parent company is in the United States. Social Security has invested through an agency in Singapore with an investment of around USD 400 million. Last year’s investment had a turnover of 4.79 per cent, within the investment target of 4 per cent, so it is considered a satisfactory figure.
But to manage the Social Security Fund to be sustainable and outside the predictions of the ILO and TDRI, including different political parties, and the concerns of insurers who said, if there is no change in the management of the fund or additional measures in the 30 next years or in 2054, that the Social Security Fund will go into bankruptcy.
Mr Phiphat said Social Security needed to manage money, especially investing in various funds. have a return that is greater than the original target The return must be at least 5 per cent according to the published policy. along with other measures including:
1. Expanding the ceiling on contributions to the fund From the original contribution ceiling, which was based on a salary of 15,000 baht, the ceiling had to be extended to 17,500 baht to 20,000 baht.
2. Extending the retirement age of insured persons from 55 years to 60 years to 65 years.
3. Increase the number of insured persons under Sections 33 and 39, especially Section 40 insured persons who are independent workers. Currently, only 11 million people are insured We need to attract as many self-employed people to Section 40 as close to 25 million as possible.
Mr added According to the Social Security Act BE 2533 (1990), it is stated that capital investment must be allocated 60 percent to investments in low risk assets, such as deposits in state banks. Buy bonds and high risk of 40 percent
In the past, Social Security has invested about 25 percent in high-risk assets, which has not yet reached the upper limit of 40. Therefore, he believes that if there is investment at the full ceiling, it will expand the opportunity to generate earnings. more
Check the current contribution rate
At the moment, the Social Security Office calculated contribution rates for 3 groups of insured people as follows:
Section 33 – Insured persons who are private employees
Sending contributions at a rate of 5% per month to employees and employers. Calculated from a minimum basic salary of 1,650 baht and a maximum of no more than 15,000 baht (maximum salary of 750 baht per month).
Section 39 – An insured person who resigns from being a private employee and wants to maintain social security rights
Send social security contributions, Section 39, in the amount of 432 baht.
Section 40 – Self-employed insured persons/freelancers
There are 3 options in total.
Option 1: Pay 70 baht per month. Coverage in the event of danger or illness, disability or death.
Option 2: Pay 100 baht per month. Coverage against accident or illness, disability, death and old age.
Option 3, rate 300 baht per month Coverage in case of accident or illness, disability, death, old age, and child support.
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