Govt continues to promote saving among the self-employed

 

   

BANGKOK (NNT) - During the COVID-19 situation, many people have to stop working and trading, and some people have become unemployed. This makes us realize that saving is important. The government has been trying to encourage Thai people, especially self-employed people, to save money through the National Savings Fund (NSF), which currently has more than 2.3 million members.

 

Ms. Ratchada Thanadirek, Government Deputy Spokesperson, disclosed that, during the past, year the NSF has worked with the Ministry of Interior to increase its membership and has joined hands with financial institutions and the private sector to facilitate membership application and fund payment. Payments can now be deposited at more than 13,000 counter service branches.

 

The cabinet meeting last Tuesday reported on a significant increase in the number of NSF members. As of March 2020, there were 2.35 million members, exceeding the target of more than one million. From 2018-2019, there were around 700,000 members only. The NSF will create village savings representatives, to promote knowledge and understanding about the benefits of saving with the NSF. The goal is to increase the number of members by 75,000 this year.

 

People aged 15-60 are eligible to apply. They must make a minimum contribution of 50 baht a month, up to a maximum of 13,200 baht a year, and the amount is matched fully or in part by the government, up to a prescribed limit.

 

The government will contribute up to 50 percent of savings, but not more than 600 baht a year for workers aged 15-30, up to 80 percent but not more than 960 baht a year for workers aged 31-50, and up to 100 percent but not more than 1,200 baht a year for those over 50. Those interested can apply for membership at state banks, provincial offices of the treasury nationwide and on the NSF application.

 

-- © Copyright NNT 2020-07-20

 

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I know its free money, but 20 baht a week hardly is going to feed the family

I agree savings are important, but seems those over extended on credit (with much higher interest rates than could be earned in savings accounts) would be wise to pay those off first.

One section of government promoting savings while another promotes spending money to stimulate economy seems to be at cross purposes

6 hours ago, RichardColeman said:

I know its free money, but 20 baht a week hardly is going to feed the family

The up to about 20 baht a week is a free top-up to your own savings up to 1,200 baht a year, but you can however save as mush as 13,200 baht a year in the NSF.

 

During normal times 1,000 baht, or just 500 baht, is not impossible to save up for a self-employed – but it of course require some self-discipline to do it (I talk from experience, I've been self-employed most of my life)...????

7 hours ago, webfact said:

During the COVID-19 situation, many people have to stop working and trading, and some people have become unemployed.

Understatement of the year !!!

Possibly good for the individuals if they have no debts but in times like this the econmoy needs people to spend.

18 hours ago, webfact said:

The government will contribute up to 50 percent of savings, but not more than 600 baht a year for workers aged 15-30, up to 80 percent but not more than 960 baht a year for workers aged 31-50, and up to 100 percent but not more than 1,200 baht a year for those over 50. Those interested can apply for membership at state banks, provincial offices of the treasury nationwide and on the NSF application.

 

In that case it's not worth saving more than 100 baht per month. Why put in 13,200 when the other 12,000 isnt earning anything?

 

Am I missing something?

Saw this and was thinking about getting my daughter interested in saving.  Not a windfall but saving.  The thing I wonder about and will have to research is all the rules such as can you withdrawal, tax, etc.  Maybe she can have a night out on it when she is 50.

I stopped reading at this point and started to think about what could possibly go wrong .........The NSF will create village savings representatives, to promote knowledge ????

7 minutes ago, sammieuk1 said:

I stopped reading at this point and started to think about what could possibly go wrong .........The NSF will create village savings representatives, to promote knowledge ????

I chuckled out loud at your comment, so true. Good initiative poor execution. 

And if you are a good citizen, you can keep your money-if you are bad, wait, where did my money go?

The only thing the average Thai can save is water and that won't happen till the dams run dry.

They would rather buy lottery tickets than save money, save money for what I might die tomorrow