The Social Security Board yesterday asked the Social Security Office's (SSO) management to review its plan to slash worker and employer contributions by 1.5% next year to offset the impact of the global financial crisis.
Chaisit Suksomboon, a board member who represents an alliance of bank labour unions, said the board, chaired by permanent secretary for labour Somchai Chumrat, has asked the SSO to review its plan to cut contributions as it could put a strain on the financial standing of the Social Security Fund in the future.
The fund will also be responsible for the disbursement of subscribers' pensions and unemployment insurance benefits.
Mr Chaisit said the fund will begin paying pensions to its members in 2014, and the fund risks running out of money if it cannot generate more revenue through investments. It is also responsible for unemployment insurance compensation, which will be paid if its members lose their jobs.
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