Prime Minister Prayut Chan-o-cha has ordered an extension to the deadline for people aged 60 and over to subscribe to the pension fund and insurance coverage under the social security scheme.
The deadline expired on Monday but because many are seeking the subscriptions, the premier decided the deadline will be extended by 10 days, according to Pranin Muttaharat, the Social Security Office (SSO) secretary-general.
The subscription is intended to be a New Year's gift to people, the SSO chief said.
Gen Prayut approved the new deadline at the cabinet meeting yesterday.
He said the media should have covered the subscriptions and not been so preoccupied by the constitutional amendments.
The government enacts the subscriptions by invoking Section 40 of the Social Security Act, which permits people aged 60 and older to make monthly contributions to the social security fund. The government also contributes to the fund.
The rates of the subscribers' and the government's contributions vary depending on subscribers' ages. Those who start subscribing between the ages of 60-64 are free to choose between contributing 70 baht plus 30 baht from the government per month; or contributing 100 baht plus 50 baht from the government per month.
The 70/30 rate gives subscribers insurance against accidents and sickness, disabilities resulting from accidents and sickness, and compensation in case of death.
The 100/50 rate insures subscribers against accidents and sickness, disabilities resulting from accidents and sickness while also providing them with compensation in case of death as well as a pension.
Those who start contributing at the age of 65 or over are entitled to receive pensions provided they contribute 100 baht per month to the SSO, which is matched by government contributions.
If subscribers aged 65 or older had contributed to the SSO for more than 420 months (35 years) before they retired at the age of 60, they would receive a monthly pension for the rest of their lives, while those who had made no contribution at all to the SSO or contributed below the 420-month requirement, would receive a lump sum when they stop contributing.
Siamkee Nilthongkham, director of the Office of Stability Promotion for Informal Labour Sector, said more than 150,000 people aged 65 and older have so far applied for the subscriptions.