SSO addresses online rumors of mismanagement

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The Social Security Office (SSO) has addressed questions concerning the government’s incomplete matching of the social security fund and delays to its pay off of a loan taken from the social security fund.

SSO Secretary-General Suradech Waleeithikul made known that the current administration has completely matched payments into the social security fund as needed and is in the process of paying off owed funds from prior administrations, explaining that pay outs from the state in cases of birth, death or illness are only 1.5 percent of the total.

Payments to citizens in cases of unemployment, for child support and in support of the elderly do not match those required of employers as the government also assists such individuals to find new employment and to receive training. Unemployed citizens receive 0.25 percent of the pay out from their employer from the state while the elderly receive 1 percent.

Addressing circulating commentary online saying that the government took out a loan from the social security fund and has yet to repay it, Suradech affirmed the accusation is completely false and no government, past or present, has taken cash out of the fund. He noted only that the fund itself has the ability to invest in government bonds.

As of September 30, 2017, the SSO Fund is worth 1.68 trillion baht and has accrued interest of over 500 billion baht.