Some 60 billion baht is expected to be contributed to the mandatory provident fund in the first year of its inception, says an informed source at the Finance Ministry. If the bill is passed into law, all employees aged 15-60 must contribute to a provident fund, the source said. Employers alone must contribute to the mandatory provident fund in cases of employees earning only 10,000 baht a month or less. In cases where companies contribute less than the mandatory provident fund requirement to voluntary provident funds, they are required to at least match the minimum mandatory contribution or switch their contributions to the mandatory provident fund. After the National Legislative Assembly's passage of the law, the Finance Ministry expects to take 1-2 years incorporating the mandatory fund and laying down the management system.

Source: Bangkok Post July 10, 2017 21:45 UTC