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Amendment of Provident Fund Act B.E. 2530


1. Provident Fund Act B.E. 2530

2. Key Amendment of Provident Fund Act B.E. 2530

1.

To allow resigned fund members to maintain his or her accrued benefits in the fund for a period stated in the fund article while these accrued benefits shall share interest incurred during such period.

2.

To accept the transfer of retirement savings of government officials under the Government Pension Fund to a provident fund in cases where the new employer is a private or state enterprise.

3.

To give provident fund members choices to receive accrued benefits either as a lump sum payment or an installment payment after retirement.

4.

To enhance operational efficiency by allowing funds to be run by multi-investment policy, known as “master fund,” which supports the “employee’s choice” scheme.

5.

To provide an appropriate vesting standard that is fair for the funds’ members.

3. Progress of the Amendments of Provident Fund Act B.E. 2530

Aug 2007

The National Legislative Assembly endorsed the draft Act in a preliminary meeting and appointed an ad hoc committee to review the Act before proposing to the second round meeting.

Jul 2007

The Cabinet approved the draft Act proposed by the Secretariat office. The Act is in the process of consideration by the National Legislative Assembly.

Jun 2007

The Secretariat of Cabinet proposes the draft Act to the Cabinet meeting.

Jun 2006

The Council of State had passed the draft Act. Currently, the draft Act is in the process of proposing to the Cabinet before for the House of Representatives consideration.

Feb 2006

The draft Act is under the consideration of the Council of State.

May 2005

The office of the Securities and Exchange Commission proposed the Amendment of Provident Fund Act B.E. 2530.


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Last update : March 19, 2008

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