The Secretary of Labor held a discussion board to brainstorm methods to forestall the 30-year chapter danger of the Social Safety Fund and encourage changes to the wage cap. Improve retirement fund contribution charges. Elevate the retirement age from 55 to 65.

On Might 31, 2024, Labor Minister Mr. Pipat Ratchakitprakarn chaired a brainstorming session on managing the social safety fund value greater than 2.5 trillion baht, following issues that the fund was in danger. Workplace of Mr. Saritphong Khueang, Chairman, and Mr. Bunsong Tapchaiyut, Secretary Basic of Social Safety. Representatives of the Federation of Thai Industries, on behalf of the Thai Chamber of Commerce and 20 political events together with the Thai Kaiok Klepthai Get together, Bhumjaithai, Palang Pracharath, and certified students participated within the assembly for greater than 3 hours.

Mr Phiphat stated he launched the rules of social safety fund administration. Enhance the accessibility and effectivity of medical companies within the pension fund system Create fund stability by way of funding returns Improve the present social safety system in order that it’s appropriate with financial and social circumstances Create sustainable growth for social safety funds As for worries concerning the subsequent 30 years Will the Social Safety Fund go bankrupt? That is likely to be the case when you do nothing. As a result of actuarial valuation outcomes point out that extra insured folks will retire. There might be extra pensioners accruing. Because of this, pension expenditures proceed to extend, and strategies to completely reform Social Safety funds have been studied in numerous varieties, similar to adjusting wage caps. Improve retirement fund contribution charges. Including international insured individuals, growing the variety of short-term insured individuals, bettering funding returns, and elevating the retirement age from 55 to 65 will assist scale back bills because of the shortened pension fee interval.