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Government pension fund
            The Government Pension Fund (GPF) was established under the Government Pension Fund Act B.E. 2539 with the purposes of ensuring benefits upon retirement, promoting saving awareness and providing other welfare to members. The GPF is supervised and managed by the Government Pension Fund Board.
            A Defined Contribution System, the GPF is a mandatory saving scheme under the Pillar II category of the World Bank. Benefits are related to member contributions and returns on investment. As the name implies, the GPF only applies to government officials. Those who were employed after March 27, 1997 are required to become members; others taking office before then can choose to apply for either contributing or non-contributing membership.
  • Contributions and Benefits Payouts
              Members are required to contribute 3% of their salaries every month; the government, as their employer, adds the same amount to the fund. Termination of membership depends on three conditions: retirement at age of 60, leaving governmental services, or death. Member receives the whole amount if he/she meets any one of the three criteria. At present, fund transfers from the GPF to provident funds are permitted.
  • Tax Benefits
             Member contributions not exceeding 500,000 baht are entitled to exemption of personal income tax. Benefits received upon membership termination for the reason of old age (retirement at 60 or leaving work at the age of 50) is fully exempted. Officials with a continual employment of at least 5 years are entitled to partial tax exemption.
             Since the GPF is an exclusive program only for government officials, the Fiscal Policy Office of the Ministry of Finance is drawing a blueprint for a national saving plan to provide non-government workforce with retirement saving benefits.

More details at Government Pension Fund
last updated date 04/05/2553

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