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[Om85]

Hi everyone , I was wondering if a foreigner working for a Thai company or for any company here in Thailand has the right to retire and get a pension.

From my Thai relatives I know that many companies don't pay a pension ,they just give you a couple of millions of baht after you decide to retire , but has a foreigner working for the same company has the same right???

Thanks for your answers

[Soutpeel]

yes as a farang you can claim a pension once you retire from a Thai company....under labour law you have same rights as a Thai national, and are entitled to a small pension....donr know about giving you a lump sum of a couple of million however...never heard this one

[Lifer]

You'll shake your head and laugh wehn you find out how much your big retirement will be. You'll have to make a really big salary for a long long time to get what you might be used too.

Edited June 3, 2012 by Lifer

[BrianCR]

yes as a farang you can claim a pension once you retire from a Thai company....under labour law you have same rights as a Thai national, and are entitled to a small pension....donr know about giving you a lump sum of a couple of million however...never heard this one

Are you talking about the Social Security Fund pension? If not you're way off the mark professor

[Soutpeel]

yes as a farang you can claim a pension once you retire from a Thai company....under labour law you have same rights as a Thai national, and are entitled to a small pension....donr know about giving you a lump sum of a couple of million however...never heard this one

Are you talking about the Social Security Fund pension? If not you're way off the mark professor

No I am not...I am talking about the pension fund....if you work for a Thai company long enough and you SS payments have been made you are entitled to claim a small pension...its not much....I think If I do another 10 years working here, after already working 10, think I would be paid out some think like THB 800-1000/m or something.....So once "BrianCr" me old fruit...your shooting from the hip about subjects you know not..

[12DrinkMore]

No I am not...I am talking about the pension fund....if you work for a Thai company long enough and you SS payments have been made you are entitled to claim a small pension...its not much....I think If I do another 10 years working here, after already working 10, think I would be paid out some think like THB 800-1000/m or something.....So once "BrianCr" me old fruit...your shooting from the hip about subjects you know not..

Yep, I believe the requirement is 180 months.

The catch is that you won't get a visa based on that income alone, which often leads me to wonder about the long term retirement plans of the myriad of teachers working on 25-50k/month.

Edited June 3, 2012 by 12DrinkMore

[Soutpeel]

No I am not...I am talking about the pension fund....if you work for a Thai company long enough and you SS payments have been made you are entitled to claim a small pension...its not much....I think If I do another 10 years working here, after already working 10, think I would be paid out some think like THB 800-1000/m or something.....So once "BrianCr" me old fruit...your shooting from the hip about subjects you know not..

Yep, I believe the requirement is 180 months.

The catch is that you won't get a visa based on that income alone, which often leads me to wonder about the long term retirement plans of the myriad of teachers working on 25-50k/month.

teachers on 25-50k.m dont have retirement plans ..

Edited June 3, 2012 by Soutpeel

[CDB]

Yes the requirement for a pension is 15 years of making your SS and other tax payments. After that, you will be entitled to a pension of 15% of your average salary for the past five years, once you hit 60 years of age.

For working longer than 15 years, it's something like 1% extra for each additional year. Don't hold me to that. There might be a pension cap too. Clearly it is less than in many countries, but still worth having.

If you have worked less than 15 years, you get a lump sum. I recall that is pitifully small compared to the contributions made + compound interest.

[Om85]

Well , my mother in law is aboutto retire and will get 2 millions bat, her sallary is about 700000/month afterpaying taxes, and her brother who retired two month ago got 1.8 million bat, of course I gess that the amount that you get is in direct relation with your sallary.

[Soutpeel]

Well , my mother in law is aboutto retire and will get 2 millions bat, her sallary is about 700000/month afterpaying taxes, and her brother who retired two month ago got 1.8 million bat, of course I gess that the amount that you get is in direct relation with your sallary.

THB 2.0 million is very low in comparison with her monthly...700,000 after tax.....in the case of a farang it may not bear any realtionship to their salary...my pension here would be so low because my declared Thai salary in low...this is not my whole salary..., its enough for my WP... thats all...

[Soutpeel]

Well , my mother in law is aboutto retire and will get 2 millions bat, her sallary is about 700000/month afterpaying taxes, and her brother who retired two month ago got 1.8 million bat, of course I gess that the amount that you get is in direct relation with your sallary.

What age is the MIL ?....take the 2.0million and divide by 20 or 30 years..its aint much

[meom]

Well , my mother in law is aboutto retire and will get 2 millions bat, her sallary is about 700000/month afterpaying taxes, and her brother who retired two month ago got 1.8 million bat, of course I gess that the amount that you get is in direct relation with your sallary.

Would it be impolite to ask what job your MIL was doing that pays 700 thou / month after tax?

[CDB]

Surely the mother-in-law's salary was 70,000 THB per month not 700,000 THB.

If she lives until 85, that is 3,333 THB per month on average. Presumably she is better off investing it. If she can get a return of 6% per annum (not so easy), then she has 10,000 baht a month, In either case, it seems low compared to a 70,000 THB salary. The real problem is that inflation wil eat into this very quickly.

If she had worked and paid taxes/social security for 15 years, her starting pension would have been 10,500 per month (assuming that she had the same salary for the last five years. I presume monthly pensions have some sort of index linked to it.

In any case, it's clear that unless you have a large and supportive family you will need a private pension to supplement any locally earned pension

[FritsSikkink]

Well , my mother in law is aboutto retire and will get 2 millions bat, her sallary is about 700000/month afterpaying taxes, and her brother who retired two month ago got 1.8 million bat, of course I gess that the amount that you get is in direct relation with your sallary.

700.000 per year is more likely:

http://www.payscale.com/research/TH/Country=Thailand/Salary

[yoshiwara]

I once did the pension calculations for someone in the teaching profession (not Thailand BTW) with some forward assumptions nodded at. After I did the voila! and told him the 'so this is what you can expect in real terms' the colour drained from his face.

Edited June 5, 2012 by yoshiwara