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Proposal for Amendment of the Provident Fund Act B.E.2530

          
          The office of the Securities and Exchange Commission, as the Provident Fund Registrar, has proposed amendments to the Provident Fund Act B.E. 2530 with the purpose to promote uninterrupted retirement saving in the provident fund scheme in many aspects such as facilitaion of fund transfer from the Government Pension Fund to provident funds, provision for members to receive accrued benefits either as one lump sum amount or as installments, and facilitation of "employee's choice" concept through the establishment of master fund.

 
  Amendments in Conclusion
                   1. To give provident fund members choices to receive accrued benefits either as a lump sum payment or an installment payment after retirement.
                    2.  To accept the transfer of retirement savings of government officials under the Government Pension Fund to the provident fund.
                    3.  To enhance operational efficiency by allowing funds to be run by multi-investment policies, known as “master fund,” which would support the “employees’ choice” scheme.
                    4.  To allow resigned provident fund members to maintain his/her accrued benefits in the fund for a period stated in the fund article while these accrued benefits will also share interest incurred during such waiting period.
                    5.  To provide an appropriate vesting standard that is fair for the funds' members.

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Last update : November 12, 2007

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