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Funding approved to help cover reduced Social Security contributions

Funding approved to help cover reduced Social Security contributions

BANGKOK: A B4.5 billion budget has been approved to partially cover reduced contributions to the Social Security Fund (SSF) over the next three months.

economics
By National News Bureau of Thailand

Saturday 9 April 2022, 09:30AM


Image: NNT

Image: NNT

Government Spokesman Thanakorn Wangboonkongchana said the Cabinet approved the funding on Tuesday (Apr 5) to help SSF subscribers from May to July 2022, reports state news agency NNT.

This will allow subscribers to save more money in order to pay for other necessary expenses during the economic slowdown, said the report.

Employees under Section 33 of the Social Security Act need to contribute 1% of their monthly income (capped at B15,000) to be covered by the welfare scheme, down from 5% previously.

C and C Marine

Former employees under Section 39 who continue to contribute to the SSF after leaving their jobs will see their payments reduced from 9% to 1.9% during the same time period. Workers under Section 40 will meanwhile have their monthly contributions reduced to B42-180.

The fund will help offset reductions in the elderly fund portion of the contributions for the three-month period. For example, those insured under Section 33, whose overall monthly contributions will be lowered to 1%, will see their contributions increase to 2.95% as a result of the government’s funding approval in the SSF.

The B4.5bn funding will assist approximately 4.8 million SSF subscribers in alleviating their economic burden amid rising prices and the ongoing pandemic, the report noted.

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