Pension plan put on hold

Pension plan put on hold

The Labour Ministry has put the brakes on a Social Security Office (SSO) proposal for new subscribers to receive pension payouts starting at the retirement age of 60 instead of 55 as happens now, a source at the ministry said.

Labour Minister Suchart Chomklin yesterday told the SSO to put the plan on hold, saying it does not suit the current economic situation.

The SSO said it floated the idea of pushing back pension payouts after sounding out opinions from people via its website.

The office is in the middle of scrutinising a related law to reflect the change before presenting the legal amendment to the cabinet for approval.

To make the fund last longer and manage the inflow of subscribers' contributions effectively, it proposes that pension payouts to members will start when they get to 60 rather than 55 at present.

The revision will will help keep the social security fund secure financially, according to the SSO.

The proposal, however, has been heavily criticised on social media.

Many people who have worked in factories all their working lives said their physical condition will be in decline before reaching 60 years old.

Manit Promkareekul, chairman of the Automobile Labour Congress of Thailand, said the social security fund could be augmented by collecting more monthly contributions.

Also, the profits generated from fund investments could be used to further invest to make the fund grow, he added.

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