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Saturday, June 22, 2024

Ministry of Labor Affirms Stability of Social Security Fund Amid Concerns Over Financial Liquidity

The Ministry of Labor has addressed concerns raised by academic sectors regarding the financial stability of the Social Security Fund. Amid worries about possible collapse within the next few decades, Boonsong Thapchaiyuth, Secretary-General of the Social Security Office, provided reassurance about the fund’s sustainability.

The concerns were centered around a structural deficit and pension payments exceeding the fund’s contributions. However, Boonsong clarified that the Social Security Fund maintains an adequate reserve ratio in accordance with actuarial science principles. The fund’s status is regularly evaluated in collaboration with international labor organization experts.

Presently, there are approximately 571,000 pension recipients, and this number is projected to grow rapidly to 2 million by 2030, 5 million by 2040, and 8 million by 2050.

In response, the Social Security Office is taking steps to amend laws related to old-age benefits to align with the needs of the insured. These measures are currently under consideration by the House of Representatives.

Long-term policy discussions will involve stakeholders, including the insured, employers, and the government, to find collaborative solutions for ensuring the sustainability of pension rights. The primary goal is to provide a secure safety net for insured individuals during their retirement years.

Noah Gallix
Author: Noah Gallix

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