SSO set to increase benefits for elderlyThe Social Security Office (SSO) is pushing amendments to the social security legislation to maximise benefits for the elderly and increase the age for pension payout from 55 to 60, as the country is in a transition towards becoming an ageing society. Under the current system, senior citizens who choose to claim their pension will receive a lump-sum payment when they reach 55. However, their access to illness, disability and death benefits is terminated once they claim their pension. The law is also being amended to increase the age for pension payouts from 55 to 60, in order to allow senior citizens to increase their contribution to the Social Security Fund. Other benefits include increased compensation for disability from 50% to 70% of the daily wage, capped at 500 baht per day or 15,000 baht per month.

Source: Bangkok Post August 10, 2020 23:26 UTC