Chief offers assurance on health of Social Security Fund

The current fund is a 3.24% increase over December 2022.

“The SSO has employed efficient cashflow management by selecting effective investment options with focus on long-term securities,” SSO secretary-general Boonsong Thapchaiyut said.

“We have also been seeking new investment opportunities to ensure increasing profits from the fund.”

Boonsong added that the return on long-term investment of the fund was still "satisfactory" and that the fund currently has enough money for disbursement of benefits to all insured persons under all circumstances.

The SSO’s announcement came on the heels of a comment by social security expert Worawan Charnduaywit of the Thailand Development Research Institute (TDRI), warning that the Social Security Fund is at risk of bankruptcy in the next 30 years due to a change in age structure of the population as Thailand is becoming an ageing society.

Worawan pointed out that as Thais tend to live longer, the Social Security Fund could soon run a deficit balance from paying pensions to a large number of people, even though it is currently enjoying profits from investment.

She suggested that the laws must be adjusted to allow the SSO to invest more in high-risk assets such as bonds and ordinary shares, which is now capped at 40% of the investment fund to ensure the fund’s stability.

Boonsong also said that to ensure the long-term stability of the Social Security Fund, the SSO would consider adjusting related laws and regulations to suit current and future socio-economic status, with focus on preserving the benefits of all insured persons.

“The Social Security Office wants to assure all insured persons that the Social Security Fund is strong, stable, and capable of generating profits that are adequate to cover all short and long-term benefits promised to all insured persons,” he said.

He added that information on fund status and investment record could be found on the website: www.sso.go.th