Reduction of employer contributions 'will hit Social Security Fund'
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The Social Security Office Thursday expressed concern that the plan to lower employers' monthly contributions further could threaten the stability of the social security fund (SSF).
As the government’s policy to raise the minimum daily wage to Bt300 takes effect across the country next month, employers have demanded that the monthly contributions, equivalent to two per cent of their employees’ salaries (maximum salary ceiling recognised by SSF is Bt15,000), be lowered throughout 2013.
“If this demand is met, SSF will receive Bt40 billion less than what it should next year,” Social Security Office secretarygeneral Jeerasak Sukhontachart said Thursday.
The Nation
