Thailand. Ageing population gives rise to worries over pensions
Amid concerns about the sustainability of the Social Security Fund (SSF) due to an ageing population, the Social Security Office (SSO), which oversees the SSF, continues to lock horns with labour networks over how best to address the issue.
The SSO’s approach is to raise the cap of base salary for payroll deductions from 15,000 baht to 20,000 baht a month. This means the maximum deduction, which would be funnelled to the SSF, would rise from 750 baht to 1,000 baht a month, an approach the SSO believes will ensure the stability of the fund for the old-age pension over the course of 47 years.
The SSO says the measure would be beneficial to subscribers as they would receive a better pension when they retire in addition to other benefits.
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