THAILAND WILL need to overhaul old-age benefits offered by its social security scheme to ensure elderly Thais have enough for their retirement life, a senior official said at a crucial forum on the issue. The Social Security Office (SSO) is now preparing for an overhaul, which will affect about 10 million members of the social security scheme. Most of them are company workers who make monthly contributions in return for what they hope will be “security in their life”, including old-age benefits. “We have now proposed five possible measures for the overhaul so as to ensure old-age benefits are adequate for people going into retirement,” SSO inspector-general Aumpun Thuvavit told the first forum on Thursday. If the board gives the green light, the social security law will be amended to pave the way for the overhaul based on the proposal.

Source: The Nation Bangkok September 01, 2017 17:26 UTC