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Provident fund
             The Provident Fund is an alternative saving scheme for retirement widely recognized for more than 20 years, even prior to the enactment of the Provident Fund Act B.E.2530. By law, the Ministry of Finance is in charge of regulating and supervising management of provident funds.

              Initially, the Fiscal Policy Office was appointed as fund registrar. Later on, amendments were made in the Provident Fund Act B.E.2530 and the Securities and Exchange Act B.E.2535, resulting in the stipulation that the Securities and Exchange Commission, which at the time had already supervised and regulated mutual and private funds, was assigned the role of provident fund registrar as of March 30, 2000.

              A provident fund is established under a mutual agreement between the employer and the employees with the purposes of offering fringe benefits to the employees and promoting their savings for retirement. Voluntary contributions range from 2% to 15% on the condition that employer contributions must be equal to or higher than that of the employee. Termination of membership comes about by either one of the following three factors: (1) retirement at 55 or older as stipulated in the governing rules, (2) resignation or (3) death. Upon membership termination, members are entitled to a full amount of benefit package in accordance with the fund article. In addition, portability among provident funds and installment payments are allowed by law.
last updated date 30/04/2553

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