SSO to adjust collection rates

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Thailand’s Social Security Office (SSO) has confirmed that it will collect social security payments to increase its funding base and that the matter will not be reconsidered as it has already passed the public discussion phase.

SSO Secretary-General, Dr. Suradech Waleeithikul, explained that the office will be raising its income threshold from 15,000 baht to 20,000 baht and will be collecting up to 1,000 baht per citizen starting next year. He stated the changes will not be discussed again because they have already passed public vetting.

The secretary-general pointed out that reimbursements under the program will also be adjusted, giving the example that eligible citizens, who will now pay 800 baht to the fund, will receive 24,000 baht, up from 22,500 baht, in the case of giving birth.

On claims the increased collection is to supplement state coffers, Dr. Suradech said such a motive would be impossible as the SSO is overseen by both employer and employee representatives.

The SSO fund currently holds 1.7 trillion baht. Its investments in 2016 yielded 52.8 billion baht and it is expected to perform similarly this year.