Thailand approves amendments to allow better benefits for pension recipients

Recipients of the old-age pension can also apply for an early pension.

Thai Labor Minister Suchart Chomklin announced that the Cabinet has approved the amendments social security law to support an aging society.

According to Minister Suchart, this decision would result in the following:

There will be an extension of the insurance cover for the insured. By extending the maximum age of the insured under Article 33, the recipient of the old-age pension can apply for insurance. Recipients of the old-age pension can also apply for an early pension.

There will also be a change in old-age benefits. In order to alleviate possible concerns, the insured person may be allowed to choose to receive a pension or an old-age pension in the event of an economic crisis, public disaster or any other event. The insured can also bring retirement savings to use first (reimbursement) and old-age savings can be used as collateral with financial institutions (loan).

Other benefits include: maternity leave allowance of 90 to 98 days, disability allowance of 50 to 70% in case of child support which can be covered for an additional six months from the date of termination of the status of insured.

The Thai government also aims to improve the conditions for applying to be insured under Section 39, by determining that the insured person’s additional money under Section 39 should not exceed the premiums payable.

Changes will also be made to the provisions relating to the Committee, both in terms of the acquisition of representatives of employers and representatives of insurers. Power is likely to be added to the board of directors to dispose of bad debts of accounts receivable, including the management of employees and employees.

Finally, changes will also be made to criminal penalties for employers, depending on the nature of the offenses, for which employers are required to comply with the law.

Through the aforementioned legal improvements, Minister Suchart expresses that “it will alleviate the suffering of the insured to have social security and to receive benefits under the increasingly developed social security system”.

Main picture / Ministry of Labour

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