Social Security Office nods Finance Ministry’ loan request

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BANGKOK, 7 June 2015 – The Social Security Office has given the green light to the Ministry of Finance’s loan request of 200 billion baht.

Permanent-Secretary of the Labor Ministry Nakorn Silpa-Acha said the loan green-lighted by the Social Security Office’s board would be invested in the government’s infrastructure projects, such as railway construction and water management.

According to Mr. Nakorn, the Ministry of Finance has agreed in principle to issue bonds with a 3-3.5 percent interest as a repayment guarantee. In case the Ministry still needs further loans, the Social Security Office will urge it to pass a law which allows the government it to borrow from the Office as well as to pay for the ministry’s unsettled debt of 80 billion baht incurred from its required contribution to the Social Security Fund.

Thai Labour Solidarity Committee, however, voiced its concerns over the Social Security Office’s plan, saying that 13 million members of the Social Security Fund could be affected. Wilaiwan Sae Tia, President of the Thai Labour Solidarity Committee, said she would submit a letter opposing the idea to Labor Minister General Surasak Kanchanarat, and would discuss the issue with him within this month.