Thailand: Social Security

[wca01]

Old-age benefits are divided into 2 categories: pension and remuneration. Pension will be paid if the insured person had contributed for not less than 180 months. He will receive monthly 15% of the average of his last 30-months salary.

Remuneration: But how much will a person receive if he was working for only 120 months? Will he be compensated the equal amount he and his employer contributed to the fund plus interests?

Thanks a lot for a competent answer.

WCA

[bendix]

Old-age benefits are divided into 2 categories: pension and remuneration. Pension will be paid if the insured person had contributed for not less than 180 months. He will receive monthly 15% of the average of his last 30-months salary.

Remuneration: But how much will a person receive if he was working for only 120 months? Will he be compensated the equal amount he and his employer contributed to the fund plus interests?

Thanks a lot for a competent answer.

WCA

oh, it was a serious question?

[Oldfield]

Old-age benefits are divided into 2 categories: pension and remuneration. Pension will be paid if the insured person had contributed for not less than 180 months. He will receive monthly 15% of the average of his last 30-months salary.

Remuneration: But how much will a person receive if he was working for only 120 months? Will he be compensated the equal amount he and his employer contributed to the fund plus interests?

Thanks a lot for a competent answer.

WCA

I don't think so. I believe that you have to do the full 15 years (180 months) to be entitled to the pension.

So..... if you have been earning 30,000 baht per month for the last 15 years and you retire, you will get 15% of 30,000!!

That only makes 4,500 baht per month. Hardly seems worth it does it?

[TerryLH]

The social security brochure I have talks about two different things. Here's the gist of it.

Old-age pension. This is the one talked about above. Age 55 plus, 180 months or more of payments and cessation of being an insured person.

Old-age lump sum. Cessation of being an insured person.

This will be paid to those who have worked less than 180 months.

To get paid they must be 55 years old, or invalid or have died. That last part does you no good, but might make your next of kin think kindly of you.

If working less than 12 months, you get back the amount you paid into the fund. (55 yrs old)

If over 12 months, you get back what you paid, plus what your employer paid, plus interest.

A key point here is that you will have to cease being an insured person to get money. If you plan on staying in Thailand, that would mean you no longer have the health insurance benefit provided by soc sec. That would be a big deal for many, including myself.

Hope this helps some.

I know there a lot of unbelievers who will have comments about this being Thailand and you'll never get anything.

I'm a believer and grateful for the health benefits that I use every single month.

Edited February 11, 2009 by TerryLH

[Tywais]

A key point here is that you will have to cease being an insured person to get money.

My case may be different but when I reached mandatory retirement age I was given the option of a lump sum distribution (mine plus employer) and to continue with SS health insurance with the health benefits as before (I would pay directly). This is with a university.

[TerryLH]

"My case may be different but when I reached mandatory retirement age I was given the option of a lump sum distribution (mine plus employer) and to continue with SS health insurance with the health benefits as before (I would pay directly). This is with a university."

That's good to know.

The brochure i have is a couple of years old and only shows the highlights.

The Soc Sec Act was changed in January 2008. At that time employees working at private schools were no longer in the plan.

There is a provision to pay yourself, without employment. I pay 432 baht per month.

I assume that't what Tywais is referring to.

Thanks Tywais

[Tywais]

There is a provision to pay yourself, without employment. I pay 432 baht per month.

I assume that't what Tywais is referring to.

Yes, that's the one and also the same amount I pay. Public university (CMU).

[TerryLH]

A little bit related.

I just got a letter in the mail from soc sec. It's a form to fill out to get 2000 baht as part of the Thai stimulus package.

Unfortunately, or maybe not, I make over 15,000 a month and don't qualify.

Terry

[fred2007]

So guys explain to me who get's a pension in Thailand ? As far as I know only people who worked

for the government get's it like teachers and so on anybody selling food on the market get's it as well?

[TerryLH]

It used to be that any 'employee' was supposed to be in the system. This does not include government civil service employees. They have a different system. It is supposed to include most others working for employers.

Since Jan 2008, private school employees are also not in the soc sec system, but the schools are supposed to have a 'Provident Fund" set up that provides the same thing.

Vendors are usually self employed,probably not paying taxes and not in the system. I think farmers and general day workers are probably not in the system either.

Social Security used to have brochures in English explaining all of the benefits they offer. I have old info, but assume they have newer stuff published. That could be a bad assumption, though.

If you go through the Soc Sec Act, you can weed out the info you want. It just takes a bit more effort doing it that way.

[TerryLH]

This was apparently in The Nation paper this week. A thread about it was just started in the Teachers forum.

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This was in the Tuesday edition:

The government will restore the rights of private school teachers and employees to access healthcare services under the social security scheme, Education Minister, Jurin Laksanawisit said yesterday.

He was speaking at the opening ceremony of the "Private education for better future" conference at the Impact Arena Exhibition Centre, Nonthaburi province.

Jurin said he had signed the draft of a private school 2007 bill to amend Article 86 - making private-school employees and teachers eligible for cover under the social-security scheme, and giving them access to government healthcare services.

The legislation - introduced by the previous government - says social security and labour laws no longer apply to private schools, and employers are not required to make monthly contributions to the Social Security Fund. For employees, the consequences are significant.

Insured employees will be eligible for free medical treatment, pension, financial assistance in the event of childbirth, occupational accident, unemployment and death.