Five guidelines for social security reforms

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The Social Security Office has set five guidelines to pave the way for the reform of pension system for the elderly, said Dr Suradet Waleeithikul, secretary-general of the office, on Monday.

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The five guidelines are: step-by-step extension of retire age from 55 to 60 to begin after 2022; adjustment of the salary base used in the calculation of fund for the elderly from the minimum rate set at 1,650 baht and maximum rate at 15,000 baht to 3,600 baht and 30,000 baht respectively; change of the calculation of pension fund payment from salaries for the last five years used as the basis for calculation to salaries of the last 15 or 20 years; increase of officials’ contribution to the elderly’s fund from 3 to 5 percent of their salaries.

The last guideline calls for development of investment to generate more revenue for the fund through the employment of professionals to manage the fund.

Dr Suradet said he was confident that, if all the five guidelines, can be fully implemented, the social security fund will last for the next 30 years.

He disclosed that amendments to the Social Security Act had been submitted to the legal affairs committee of the Labour Ministry last month after which public forum would be held to allow all stakeholders, including employers, employees and academics to air their views.