What is Social Security Fund Thailand?

What is SSO in Thailand?

The Social Security Office is a department under the overall direction of the Ministry of Labour and has its headquarters in Nonthaburi. The leadership of the organisation is the Secretary-General.

Is there a benefits system in Thailand?

It has been two years since the Thai government has implemented its huge and sweeping welfare program aimed at eradicating poverty, but it hasn’t gone as expected. … When countries cannot rely on economic growth to raise living standards, complimentary policies from the government are needed to do the job.

Is Provident Fund mandatory in Thailand?

Recently, the Thai cabinet has approved, in principle, a Mandatory Provident Fund or “National Pension Fund”, a major step towards enactment. This act has raised many questions among employers and employees alike on what it is and what needs to be prepared once the law finally takes effect.

What are the benefits of SSO Thailand?

The benefits include sickness benefit (free medical care at any registered hospital), maternity benefits, invalidity (50% of wages for the whole life in case of permanent disability), death benefits (funeral grant of 40,000 Baht; grant fund for survivors), child allowance (of 350 Baht per child per month, up to 2 …

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How much is SSO in Thailand?

The current contribution rate is 5% of the employee’s salary. The minimum salary to be calculated is THB 1,650 and the maximum is THB 15,000; therefore, the minimum contribution is THB 83, and the maximum is THB 750. Even though an employee’s salary exceeds THB 15,000, the maximum contribution will be THB 750.

Can I receive Social Security in Thailand?

The Social Security Fund (SSF) was established under the Social Security Act B.E. 2533 to provide employment security and stability for Thai citizens. An employee, being over fifteen years of age and not more than sixty years of age, shall be classed as an insured person.

How much is the old age pension in Thailand?

Old-age pension (social assistance): 600 baht is paid to persons aged 60 to 69; 700 baht if aged 70 to 79; 800 baht if aged 80 to 89; and 1,000 baht if aged 90 or older.

Does Thailand have a welfare system?

Universal health care is provided through three programs: the civil service welfare system for civil servants and their families, Social Security for private employees, and the universal coverage scheme, introduced in 2002, which is available to all other Thai nationals.

Do people in Thailand get a pension?

Thailand’s pension system was completely restructured in the late 1990s. It now comprises the Old Age Pension, a pay-as-you-go financed state pension scheme for the private sector workforce, and the Government Pension Fund, a defined contribution pension system exclusively for civil servants.

At what age do Thai people retire?

Thailand’s official retirement age is 60 years at government agencies and many companies.

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Does Thailand have pension?

Thailand has a three-pillar pension system, whereby: The first pillar is a contributory social insurance scheme for private sector workers. The second pillar is the Thai Government’s public pension scheme, and. The third pillar consists of voluntary private pension schemes.