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Social Security Fund

                    
          The Social Security Fund was established under the Social Security Act B.E. 2533 to institute security and stability of livelihood for Thai citizens.

          The Social Security Office, established by virtue of the Act, has duty to manage the SSF for the best interest of all members. The coverage is divided into seven types: sickness, maternity, disability, death, child allowance, old age and unemployment.

          Categorized under the Defined Benefit System, the SSF regulates member benefits at the very outset regardless of the amounts of contributions or returns on investment of any parties. Every employer with at least one employee and all workers except those exempted by the Act such as civil servants, state enterprise employees and private school teachers are required to make equal contributions while the government subsidizes additional levy to the fund.

          As long as wages are paid, employers are duty bound to submit the contributed sums to the Social Security Office within 15 days of the month following the month when the contribution is deducted.

 Contribution Rate

                  Note: Base wages for calculation range from 1,650 to 15,000 baht per month.

Benefit Payout
          Benefits paid out to insured persons are of two types:
          1. Old-age lump sum payout under the following conditions:
                            (1) Insured persons make consistent contributions for less than 180 months.
                            (2) Cessation of insured status.
                            (3) Insured persons are fully 55 years of age.
               1.1 Insured persons making consistent contributions for less than 12 months are entitled to benefits equal to their                      contributions..
               1.2 Insured persons making contributions for not less than 12 months are entitled to benefits equal to their                       contributions plus interest set by the Social Security Office.
          2. Old-age pension paid monthly for a lifetime under the following conditions:
                           (1) Insured persons continue contributions for not less than 180 months.
                           (2) Cessation of insured status.
                           (3) Insured persons are fully 55 years of age.
               The old-age pension benefit is equal to 15% of the average wage of the last 60 months based on a salary range between 1,650 and 15,000 baht. In addition, for every additional 12 months of contribution above the consecutive 180-month obligation, the benefit will accumulate by 1%.

Tax Benefits
          Social Security benefits are tax exempted.

          Steady saving as it sounds, the SSF is unlikely to be a sufficient source for maintaining the same quality of life after retirement. Insured persons should look into other options such as provident funds and retirement mutual funds for additional sources of security.

          more details at The Social Security Office 

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Last update : April 5, 2006

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