Bank for members of social security scheme in pipeline
The Social Security Office (SSO) is conducting a feasibility study on setting up a bank to benefit people insured under the social security fund.
The move was ordered by Labour Minister Suchart Chomklin in a bid to gain confidence among the insured, SSO secretary-general Boonsong Thapchaiyut said.
A social security bank would enable users to access funds in line with the government's policy, he said. The issue will be proposed to the social security board in March and the SSO will report progress to insured individuals, he added.
"The social security committee has received results from an ad hoc subcommittee studying labour claims and set up a subcommittee to study the feasibility launching a Social Security Bank," he said.
The subcommittees would give transparency to the process, Boonsong said.
He pointed out that the SSO and experts invest in various assets to ensure maximum benefits for those insured under the Social Security Act.
The social security fund had invested 75.71 per cent in safe-haven assets and 24.29 per cent in risk assets, as of December 31. Investment funds totalled 2.28 trillion baht, including 1.44 trillion baht for investment and 834 billion baht interest on investment, he explained.
Boonsong said the insured could be confident that the social security and compensation funds would cover their benefits in the long term.