The memorandum of understanding on soft loans for debt-stricken teachers is signed at the the Welfare Promotion Commission for Teachers and Education Personnel Office in Bangkok on Wednesday. The payments which the families receive include money from the cremation welfare fund run by the Welfare Promotion Commission for Teachers and Education Personnel Office and inherited benefit payouts. If teachers use this future payout as collateral to refinance their debts, they will not default on their debt payment. Mr Kamchorn estimated there were more than 400,000 teachers nationwide in debt to the GSB and the Teachers Saving & Credit Cooperatives. ''It's too easy for teachers to borrow from Teachers Saving & Credit Cooperatives, so strict rules might help them avoid the deadly trap of financial ruin," Gen Dapong said.

Source: Bangkok Post September 15, 2016 00:11 UTC