Beneficiaries of the old-age pension may also apply for an advance pension.
Thailand's Minister of Labour, Suchart Chomklin has announced that the Cabinet has approved the amendments to the Social Security Act in an effort to support an ageing society.
According to Minister Suchart, this decision would entail the following:
There will be an expansion of insurance coverage for those insured. By extending the maximum age of the insured under Section 33, the beneficiary of the old age pension can apply to be an insured person. Beneficiaries of the old age pension may also apply for an advance pension.
There will also be an amendment of old-age benefits. To alleviate any potential concerns, the insured may be allowed the ability to choose to receive pension or old age pension in the event of an economic crisis, public disaster or any other event. The insured may also bring some old-age savings to be used first (refund) and old-age savings may be used as collateral with financial institutions (loan).
Other benefits include: Maternity leave allowance between 90 to 98 days, disability compensation of 50-70% in the case of child support may be covered for another six months from the date of termination of the insured status.
The Thai government also aims to improve the conditions for applying to be an insured person under Section 39, determining that the insured's additional money under section 39 must not exceed the contributions to be paid.
Amendments will also be made to the provisions relating to the Committee, both in terms of the acquisition of representatives of employers and representatives of insurers. Power is likely to be added to the Board of Directors to dispose of bad debts from accounts receivable, including the management of employees and employees.
Lastly, there will also be amendments to the criminal penalties for employers, in line with the nature of the offenses, for which employers are obliged to comply with the law.
Through the abovementioned legal improvements, Minister Suchart expresses that "this will alleviate the suffering of the insured to have social security and receive benefits under the increasingly developed social security system."
Lead image / Ministry of Labour