Some 12 million employees are Social Security Fund (SSF) members, of which only 2.9 million are covered by voluntary provident fund schemes. The size of the mandatory provident fund is expected to be at least 100 billion baht, the source said. The state also offers a Government Pension Fund, a non-contribution pension for state officials and living allowance for elderly. Last year the government set up the National Savings Fund (NSF), a voluntary pension fund for 27 million informal workers, and allowed provident fund members to make higher contributions than their employers, with a cap of 15% of salary. Employers and workers will be obliged by law to contribute to the provident fund anywhere from 2-15% of salary, with a cap of 60,000 baht per month per worker.

Source: Bangkok Post August 08, 2016 00:00 UTC