Thousands sign up for retirement fund
STARTING yesterday, people outside the safety net of the social-security or civil-servant pension schemes can join a state-supported savings programme to support their post-retirement life.
I want to apply for this scheme because I feel the government has the duty to take care of Thai citizens. People with limited income truly deserve such benefits,” Surachet Jarurattanaviboon, a 48-year-old freelancer, said as he queued up to register for the just-launched National Savings Fund.
Members of the NSF will enjoy substantial contributions from the government. In a bid to encourage people to get into the habit of saving money for their retirement and to help Thais cope better with their retired life, the government is offering to contribute 50 per cent of a person’s savings to the NSF but not more than Bt600 per year for members aged between 15 and 30 years, up to 80 per cent but not more than Bt960 per year for people aged between 31 and 50, and 100 per cent but not exceeding Bt1,200 per year for those aged over 50.
The NSF started registering its members yesterday via the Bank for Agriculture and Agricultural Cooperatives, the Government Savings Bank (GSB) and Krungthai Bank.
As of press time, hundreds of thousands of people had already registered with the NSF.
The NSF is expected to benefit nearly 25 million Thais.
Those working in the informal sector such as farmers, freelancers, street vendors, and taxi drivers are welcome to join.
Business owner Chainapon Nuangutai, 28, said he was self-employed and hence would not be able to enjoy retirement benefits offered by the social-security or civil-servant pension schemes.
“But I do need to have something to fall back on when things get tough,” he said.
He registered for the NSF yesterday, describing it as a good scheme to help small-income earners and small-business owners like him.
“I don’t have any other form of savings,” he said.
