Thailand National Savings Fund now has 2.4m members

Thai Prime Minister says he is happy to hear that 2.4 million people have now enrolled with the National Savings Fund.

Bangkok – The Prime Minister has praised all sectors for their efforts promoting personal savings as part of the national agenda, as some 2.4 million people have now enrolled with the National Savings Fund.

Deputy Government Spokesperson Rachada Dhanadirek remarked today that the National Savings Fund has reached a major milestone with 2.4 million members saving money for their retirement through this fund.

The National Savings Fund (NSF) was established to promote retirement savings starting at a young age, with a particular focus on freelance and informal workers.

The fund is intended to help the country realize its national savings agenda, and a target 60% of the working population are financially prepared for their retirement.

Members of the NSF receive a 50-100% bonus contribution from the government, with the minimum deposit required as little as 50 baht per month.

Currently, 48% of NSF members are farmers, followed by freelance workers at 31%, and merchants at 6%. The number of members has grown significantly from around 400,000 in 2016 to 2.4 million at the end of 2020.

The NSF has launched a campaign with the Government Savings Bank to provide its members with an account statement passbook, which can be requested at any GSB branches nationwide.

Ms Rachada said the Prime Minister Gen Prayut Chan-o-cha has been closely following progress made by related agencies to promote savings among the general public, and has praised the success.

She said the COVID-19 crisis has made many people realize it is important to have savings on hand for an emergency.

The NSF currently allows members affected by the pandemic to stop making deposits without loosing their membership status. They have however recommended members make deposits at least once a year in order to receive the government’s bonus. (NNT)