It’s time to fortify the social security system

The social security fund is getting progressively enormous but, at the same time, increasingly fragile. These are the main reasons why the entire system must have added immunity against corruption and financial failures. Another key factor crying out for social security money to be carefully guarded is its ultimate goal, which directly covers the majority of Thais in all spheres of society.
The fund now is worth about Bt1.6 trillion. This vast amount certainly can attract all vultures in the heavily corrupted Thai society, which has seen cooperatives’ money siphoned, taxes evaded at all levels, and bank deposits threatened by scandals. Yet experts say this very same amount could be depleted in less than three decades, even if there is no corruption.
There have been warnings that the social security money could be used up in 28 years. As of now, about 11 million Thais are in the system, relying on the money for things ranging from small medical bills to post-retirement financial plans. The number of “members” is expected to increase, meaning a system failure could wreak havoc on a large segment of the Thai population.
A recent report has created an uproar, saying the retirement age of 55, which allows members reaching that age to get a sizeable pension, would be extended to 60. The proposed extension was meant to “stabilise” the fund by delaying some big financial burdens, but critics are saying that it is too easy a way out. The government has been urged to find measures that do not negatively impact the most vulnerable in the tripartite system.
The fund consists of money 
contributions from employees, their employers, and the government. 
This ties the fund to economic and political factors, subjecting the 
management of the money to great unpredictability. 
Leaning toward the workers and the government will be accused of resorting to populism, while attempts to help businesses could put the government under the intense scrutiny of labour activists.
Despite the fund’s enormity, its importance and susceptibility to corruption and politicisation, the social security system is arguably one of the least monitored state entities.
Workers talk about their social security benefits or lack thereof every day but politicians and the media, maybe for different reasons, are not drawing significant matters to public attention. Developments concerning the fund may not be as “sexy” as, say, a plan to buy military 
submarines. A lot of things related to social security money can “go under the radar”.
The truth is that if the system is well managed, well guarded and well run by people with integrity and proper vision, it will go a long way toward creating a genuine civil society. Countries with solid social security programmes normally have greater peace than those whose labour sectors are less protected.
The debate on the retirement age is good, but it also exposes the potential vulnerability of the social security fund. 
Adding to the significance of the social security programme is Thailand’s inevitable path toward becoming a full-blown ageing society. As the country is pre-occupied with how to elect the prime minister and members of Parliament, one very important issue is not getting enough attention.
That issue concerns how to make the social security fund the most effective and transparent, whether the current management is properly manned and equipped, whether the money is being collected and spent with the public interest at heart, and who should be the supervisor who can balance out the overall economy and well-being of the people.