NRC pushing national savings fund

NRC pushing national savings fund

The National Reform Council (NRC) has proposed the government speed up the implementation of the National Savings Fund.

It unanimously approved on Monday a study conducted by one of its subcommittees on the impact of the fund's delay.

After the approval, the NLA will formally ask the government to immediately proceed with the fund's establishment.

The National Savings Fund act was proclaimed during the Democrat-led government in 2012. The succeeding Pheu Thai-led administration delayed the plan, believing the fund overlapped with some sections of the existing Social Security Fund.

The result was the fund could not get off the ground even today and people stand to lose from the delay.

The National Savings Fund is viewed as a solution to problems that come with an ageing population. It is intended to cover Thai citizens who are not covered by any pension schemes especially informal workers.

On Thailand fast becoming a greying society, the NRC on the same day discussed the possibility of extending the retirement age to 65 or 70 from 60 for some professionals such as doctors or judges.

It also suggested tax incentives for couples to have children sooner.

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