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Reserve Your Benefit During Job Change

 

           Objective
          For members to seamlessly maintain their retirement savings in the provident fund scheme despite termination of employment, the government permits fund portability. In case of resignation, members can choose to temporarily keep his or her money within the former fund before transferring it to the provident fund of his or her next employer later. In this case, members are free from tax burdens since his or her savings is still maintained in the provident fund scheme.

 

           Guidelines on Reservation
          1.  Inform the fund committee or the management company of the member's intention to maintain the money in the provident fund as well as the member's bank account.
          2.  Maximum reservation period is one year from the termination date of membership.
          3.  Management company will call for an upkeep expense of not more than 500 baht.
          4.  Transfer notice must be made within the reservation period of one year or the management company will transfer the reserved amount after withholding tax to the given bank account. Money received will be counted as taxable income.
 

          Money reserved in the former fund is recorded as creditor and, therefore, cannot be invested for financial gains.

 

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Last update : April 3, 2006

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