Security fund woes not over | Bangkok Post: opinion

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Security fund woes not over

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Over 10 million members of the Social Security Fund (SSF) can now sigh with relief after the rumours that the caretaker government was trying to get a 100-billion-baht loan from the SSF were quickly dispelled by the fund's management following fierce opposition from labour unions. 

The rumours started after the Bank for Agriculture and Agricultural Co-operatives refused to give the caretaker government a 55-billion-baht emergency loan to quell the anger of more than one million rice farmers who are still waiting for payment from the rice pledging scheme.

The social security members' fears of political intervention is rooted in their deep distrust of the fund managers. The management of the one-trillion-baht fund is known for its inefficiency and lack of transparency, which systematically opens the door for political intervention.

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