GPF incentive for bigger contributions
The Government Pension Fund (GPF) is offering incentives to members who are willing to increase their monthly contributions.
Sopawadee Lertmanaschai, secretary-general of the GPF, said those who were willing to contribute 4-11 per cent of their monthly salary would be given Tesco Lotus gift vouchers worth Bt100-Bt1,100, while those willing to contribute up to 12 per cent will be given vouchers worth Bt1,200 or a training course worth Bt2,000. Those interested have until December to apply.
So far, GPF has 1.2 million members but only 15,000 of them contribute more than the base rate of 3 per cent. GPF has said it wants larger contributions to ensure that people have adequate savings once they retire.
However, a large number of contributors are not happy with the GPF and are demanding that the Finance Ministry resume the previous pension fund. They say the current system is making them worse off, but the ministry has been complaining that the old system was more expensive. However, it has promised to change the framework of the current system in order to help pensioners.
