We have enough cash to compensate unemployed: Social Security Office

[webfact]

We have enough cash to compensate unemployed: Social Security Office

By THE NATION

 

 

The Social Security Office (SSO) has reassured the public that it has enough funds to compensate those who have been forced out of their jobs due to the Covid-19 crisis.

 

A SSO source said on Sunday (April 12) that the Social Security Fund has earmarked Bt180 billion as its “unemployment fund” to be handed out to workers who have become unemployed due to variety of reasons.

 

“This portion is only a small part of the SSO’s total investment fund of Bt2 trillion, which should be enough to cover other benefits under the Social Security Act,” said the source.

 

The source also said that in the past few years the unemployment fund has been rarely used, since the jobless rate was relatively low, adding that “the SSO has managed this portion of the fund and kept it ready all these years to prepare for an emergency situation such as the Covid-19 outbreak”.

 

In case the Covid-19 situation escalates and additional money is required, the SSO will sell short-term debentures issued by the government, which make up about 67 per cent, or Bt1.4 trillion, of total investment.

 

Employees whose businesses were forced to shut by order of the government will be compensated under Section 33 of theSocial Security Act, with 62 per cent of daily wages based on a maximum monthly salary of Bt15,000 for a maximum period of 90 days.

 

The Labour Ministry said last week that it was seeking Cabinet approval to grant similar benefits to those whose businesses were not ordered to shut but affected by the Covid-19 crisis. The Cabinet is expected to announce its decision this week.

 

Source: https://www.nationthailand.com/news/30385871

 

-- © Copyright The Nation Thailand 2020-04-13

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[xtof2]

Yeah ! Flush the money !

[FarFlungFalang]

14 minutes ago, webfact said:

 

“This portion is only a small part of the SSO’s total investment fund of Bt2 trillion, which should be enough to cover other benefits under the Social Security Act,” said the source.

Wow that's going to be enough to cover the other benefits trough filling party!

[VocalNeal]

Only for those who paid taxes and who are registered with Social Security Office?  

[harada]

Perhaps if some of the billions of dollars that have been bled from the country for decades were to return that would cover them for a few years. ????

[bangkokfrog]

3 hours ago, webfact said:

the SSO will sell short-term debentures issued by the government, which make up about 67 per cent, or Bt1.4 trillion, of total investment.

67% of investments in short-term government debentures. By world standards, a terrible investment policy for an employer funded retirement / social security fund... little long-term growth and almost all eggs in the one (fragile) basket!. But with political influence in the SSO's management, possibly a great way of cheaply funding government expenditure.

Edited April 13, 2020 by bangkokfrog

[Matzzon]

What about all that is unemployed? The group they count all that are not registered workers where the company they work for do not pay social security? Then maybe they will become aware of that they actually have one of the highest unemployment rates in the world.

[scubascuba3]

i think things will kick off in the next few weeks, so many people running out of money

[connda]

They fail to mention that the average Thai is not covered under the largess of the Social Security program which benefits a relatively small minority of Thais.
Typical Thailand - there are special people, and then everyone else.

[ChrisY1]

Why don't they spend some on the poor and jobless.....

These groups get little to no support from this government.....what does get handed out likely gets reduced en route!

[smiggley]

So how does any government department get to accumulate such a vast amount of money, (1.4 trillion baht) when so many Thais struggle to make ends meet. A large portion of this money should be going to help out the poorer Thai families not to line the rich Thais pockets. I love this country but i dispise the corruption. 

[sammieuk1]

Wonder how much the disbursements will add up to when the 2 trillion makes it to the masses guesses could start from 500bt ???? 

[johng]

4 hours ago, harada said:

Perhaps if some of the billions of dollars that have been bled from the country for decades were to return that would cover them for a few years. ????

They have something like 200 billion USD  foreign currency reserves stashed away that could be used.

[hotchilli]

45 minutes ago, smiggley said:

So how does any government department get to accumulate such a vast amount of money, (1.4 trillion baht) when so many Thais struggle to make ends meet

I have a shrewd guess.

[Isaan sailor]

Yep, with record USD reserves at BoT, I’d have to agree with them.  It does beg the question, though:  Just how and why did those reserves get so high?

[EvetsKram]

7 hours ago, VocalNeal said:

Only for those who paid taxes and who are registered with Social Security Office?  

Of course,  nobody else here matters

[Vigilante]

1 hour ago, smiggley said:

So how does any government department get to accumulate such a vast amount of money, (1.4 trillion baht) when so many Thais struggle to make ends meet. A large portion of this money should be going to help out the poorer Thai families not to line the rich Thais pockets. I love this country but i dispise the corruption. 

They will run to buy lao khao..zero left for tomollow (which is a million years away)

Most poor ppl are hopeless

Govt needs to set up quickly, food distribution centres..temples can do their bit too

Also, a moratorium on utility payments

Rents will be free anyway..nobody, in the lower strata is going to be paying anyway ????

 

[hotchilli]

14 hours ago, Isaan sailor said:

Yep, with record USD reserves at BoT, I’d have to agree with them.  It does beg the question, though:  Just how and why did those reserves get so high?

Deep pockets & short arms !

[Assurancetourix]

16 hours ago, smiggley said:

So how does any government department get to accumulate such a vast amount of money, (1.4 trillion baht) when so many Thais struggle to make ends meet. A large portion of this money should be going to help out the poorer Thai families not to line the rich Thais pockets. I love this country but i dispise the corruption. 

You are discovering the line to cut the soft butter.
Exactly the same thing happens in rich countries.
view information from the USA or Europe where containment is mandatory; unemployment is exploding;
but the big difference with Thailand is that these new unemployed people will receive benefits because they have contributed and paid taxes when they worked.
However in Thailand a very large percentage of workers pay no direct taxes when they work and therefore will receive nothing in the event of unemployment.
which seems perfectly logical to me.
You don't contribute to an unemployment or pension fund,
It is normal that you do not receive unemployment benefits or a retirement when the time comes to stop working.

 

We are very surprised to see the Thai government give only 500 to 800 baht per month to retired farmers, but they have never paid any direct tax in their whole existence.

I find that quite logical.

[spidermike007]

You may have enough cash, but you have not been doing a very impressive job of sharing it with those in greatest need. The last paltry 5,000 baht was met with over an 80% rejection rate. Proud of yourselves? The only proof that should be required is a Thai ID card, if you guys were serious, and if you really cared about your people as much as you claim to. Put your money where your mouth is please. There are tens of millions in need right now.

 

My wife and her friends set up a kitchen at a local temple yesterday, and the locals lined up for hours, to get a free meal. Get a life guys. You can do alot better than you are doing, to assist your people.