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Pension fund for 30 million Thais

Jul 18. 2015
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By The Sunday Nation

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THE government will set up a national savings fund for retired workers in the informal sector or others who have no pension scheme, deputy government spokesperson Maj-General Sansern Kaewkamnerd said yesterday.
The fund will be launched on August 18 with the aim of covering 30 million people and ensuring that some of these people would receive a maximum monthly pension which is partly contributed by the state of Bt7,000 from the retirement age of 60 until death.
Sansern said the younger the age of a person joining the fund the better. He said if someone joins the retirement fund at the age of 20, by depositing Bt1,000 per month they would be entitled to receive a sum of Bt7,000 per month after retirement for the rest of their life. Giving another example, he said those depositing Bt1,000 monthly beginning at the age of 40 will receive Bt2,646 per month after retirement.
People aged 15 to 60, who are not covered by any public or private pension scheme, are eligible to apply. Part of the fund will be supported by the state, varying with the age of the member applying to join the retirement saving scheme. Those joining at the age of 55 can remain in the scheme until the age of 65.

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