Not only fund committees have responsibility to manage funds, fund members also have rights and duties to continuously monitor the fund performance. Furthermore, when membership is terminated, your final duty is to check whether the benefits received from the fund is in the exact amount.
- What to do when you are a member
Your employer will deduct a certain amount of money from your salary for fund contribution. The amount should be between 2% to 15% of the salary. Here, you have a responsibility to check the correctness of the amount deducted by checking from your pay slip. You should also keep this slip and check it one more time with the biannual report.
If any mistake is found, you should notify the fund committee immediately.
Every 6 month
In January and July of every year, the asset management company will send a report showing the amount of employer’s and employee’s contribution to all members. This is called "biannual report".
You, as a member, should pay close attention to:
1. Employee’s contribution: Check whether the amount of the 6-month contribution is correct.
2. Employer’s contribution: Check whether the amount of the 6-month contribution is consistent with the fund’s rules.
3. Number of units: Check whether the unit increases as the contribution increases.
4. Unit value: An increase in unit value means the fund performance has been better, vice versa.
If any mistake is found, again, notify the fund committee immediately.
1. Members should attend the annual meeting to be informed of the fund performance this year as well as the investment direction next year. Questions from members can also be raised during the meeting.
2. During the election period, members may vote for candidates of the fund committee representing fund members. These fund committees will act as representatives and work for the best interest of the fund and its members.
Vote for good and smart people to be your fund committees.
Termination of membership can be either as a result of employee’s retirement, job resignation, or transferring to another fund. Members should pay attention to the type of payment as it can vary among funds. Normally, an asset management company will pay in the form of cheque. The procedures are as follow:
- When you are no longer a member of the fund
1. Member should notify the fund committee of membership termination. In some cases, fund committees who work in the human resource department may already have members’ records.
2. The fund committee sends the related documents to the asset management company.
3. The asset management company sends payment directly to the member or through the fund committee.
Members will be paid through a predetermined method of payment within 30 days after membership termination. If you are not paid within 30 days, you should contact the fund committee or the asset management company.
The law prohibits any creditor to receive money or hold cheque in the name of members.
- You will receive all of your contribution and its incurred benefits.
- Check the amount of money received
- You will receive all or a certain amount of employer’s contribution and/or its incurred benefits according to the fund’s article.
When a member transfers his/her membership to another fund, he/she will receive the payment in two ways.
- Transfer of membership to another fund
- The present asset management company sends a cheque to the fund committee who will later send it to the member. Finally, the member will send the cheque to the new asset management company.
- The present asset management company sends a cheque directly to the new asset management company.
If you resign from a provident fund before retirement, you may not entitle to some part of the employer’s contribution. Moreover, the amount received from employer’s contribution and all incurred benefits will be taxable. Please check with the fund’s article and the Provident Fund Act B.E. 2530.
last updated date 07/06/2553