Pension fund for 30 million Thais

[ramrod711]

Thought pensioners got 600 baht a month? That's what the wife's grandparents get.

I believe that money is not federal, it comes out of the annual funds that are allocated to each village, town or city. I also believe that may be the best way to do it, because the local officials will be held responsible by the friends and family of the retiree. Money that goes to Bangkok to be redistributed has a strange way of being unaccounted for.

Believe or not. It's written to be a national Fund by the Government. So NOT allocated to each village....Actually it was already in pipelines of Mr. T and his sister. Surprising it will come now onto the market. It's a splendid idea because it is not to expect that children can support their parents if only one or two children.... Same is needed for health Insurance. 30 Baht is rediculous.

I think MaiChai is talking about the money that is currently received by retirees, not the proposed scheme. Excuse me if I'm wrong about that.

[ramrod711]

So would being the wife of a Farrang be considered working in the "Informal Sector"?

Not sure about that, but according to this guy, she is already enjoying the good life. http://www.thephuketnews.com/thai-mp-marry-a-farang-for-easier-life-32879.php

[473geo]

I wonder if this may be a good thing for me and my Thai Wife

She is 52 and has not worked in a outside job for the past ten years we have been together.

I thought maybe its a good plan to pay 1000 thb per month to arrange a small income for her.

She is not capable as some Thai wives are, of running a business so this may be the answer.

Hopefully she does not need to be currently employed when applying for the pension.

As usual the news articles in Thailand always create more questions than they answer.

I have put 18th of August in my diary and will encourage my wife to approach the Banks mentioned to see what she can find out?

Can someone tell me the Thai word for Pension as I do not trust google to get it right.

Regards.

I trust PM Prayouth !

if she now 50, she will pay in for 10 years - maybee till 55 as sure Thialand will also adapt retirement age,

and when she get retired, she will get proportional what she paid in !

and if she would live for 100 of age,

she would geta small- but would get some or all her life !!

not to be always a hig burden for their childrens like current SS !!

my wife pay currently trough her work,

but I will consider if she also pay in this fund too;

"my wife pay currently trough her work"

People aged 15 to 60, who are not covered by any public or private pension scheme, are eligible to apply.

[dunque]

Do it like Singapore - compulsory contributions from both employers and employees, and none from the state's coffers.

Been there done that in the USA with Social Security & Medicare.

Yes my 82 year old Aunt gets both....She should as she paid into it for 40+ years.

Only problem is Congress keeps raiding the funds, "borrowing" it.

Can you imagine how much Thai politicians would "borrow"?

Compulsory contributions into a privately held account that can only be withdrawn from at retirement, or inherited upon death, is the only valid program.

Everything else is socialist government theft.

Do you take the same view of insurance policies ?

[jaywalker]

Do it like Singapore - compulsory contributions from both employers and employees, and none from the state's coffers.

Been there done that in the USA with Social Security & Medicare.

Yes my 82 year old Aunt gets both....She should as she paid into it for 40+ years.

Only problem is Congress keeps raiding the funds, "borrowing" it.

Can you imagine how much Thai politicians would "borrow"?

Is this Congress not elected by the same people that are being robbed by them? Why blame an act of democracy?

HMMM.....because our dear, democratically elected "Leaders" are just as corrupt as Thai politicians.

SS & Medicare started off as noble ideas, but soon became corrupted.

It's beyond the point of no return now with the US in $40 trillion worth of un-funded debt.

Most folks are just like this guy though.

Only vote that counts now is when I vote with my feet & leave......Even then though, I still have to pay taxes.

The USA is in that elite club with N. Korea & Eritrea. The only other countries besides the USA where expats are taxed on global income.

Edited July 19, 2015 by jaywalker

[whaleboneman]

I suppose something is better than nothing 7,000baht a month on retirement is exceedingly small not nearly enough to live on I think the government could do a lot better than this .

minimum wage: 300 baht x 20 days = 6000 baht per month.

[elgordo38]

Meanwhile, I know of current pensioners how gets, a baht 1,000 a month and some nothing at all,

what about those retired people that are all out there with means of supporting themselves?

They have the informal Thai plan. Children (mostly the girls) will send money home for their parents my g/f does so faithfully. I have always stated on this forum that these presently retired people desperately need a raise a big raise. Its a disgrace that their "Golden Years" are tied to the generosity of their children. Young people out in the workforce today have a hard enough time to feed, cloth and house themselves if they can even find a job that pays a decent salary. So many come out of the halls of higher learning only to find steep competition for jobs in their chosen field. My g/f a very clever girl speaking good English has a grade 10 education but claims finding a job that pays 8-10 bahts a month is almost impossible especially as she ages.

[jaywalker]

I wonder if this may be a good thing for me and my Thai Wife

She is 52 and has not worked in a outside job for the past ten years we have been together.

I thought maybe its a good plan to pay 1000 thb per month to arrange a small income for her.

She is not capable as some Thai wives are, of running a business so this may be the answer.

Hopefully she does not need to be currently employed when applying for the pension.

As usual the news articles in Thailand always create more questions than they answer.

I have put 18th of August in my diary and will encourage my wife to approach the Banks mentioned to see what she can find out?

Can someone tell me the Thai word for Pension as I do not trust google to get it right.

Regards.

I trust PM Prayouth !

if she now 50, she will pay in for 10 years - maybee till 55 as sure Thialand will also adapt retirement age,

and when she get retired, she will get proportional what she paid in !

and if she would live for 100 of age,

she would geta small- but would get some or all her life !!

not to be always a hig burden for their childrens like current SS !!

my wife pay currently trough her work,

but I will consider if she also pay in this fund too;

Supposedly this is an English Language forum,

[shirtless]

This guy has no idea in 40 years 7k per month will equate to 1000 bt per month now , if nothing goes wrong which i doubt,

[sammygood]

welcome monsanto, gmo, 36 vaccines before the age of 6, fastfood culture & crappy foods with additives, chemicals, colorants on the shelves

how else can they be sure people will die on time and not cost to much to the governement ?

[KhaoNiaw]

It's interesting he's talking about 1,000 baht per month. Currently employee's social insurance contributions max at 700 baht per month, with the same from the employer. 1,000 baht could be a fairly heavy chunk for many workers in informal sectors. It sounds as if it's not meant to cover those already in the system o I guess they'll have issue like people switching between jobs in 'informal' sectors and those where they have to pay social insurance. Also, a lot of people who leave their jobs continue to make social insurance contributions, so would they be eligible for both schemes?

[Jim walker]

And the military could help out by depositing 36 Billion Baht into the fund.

[sfokevin]

Has anyone seen more detail on this plan?... I have read about the government matching the first 900-1,200 deposited into these accounts?... My question is are these just savings accounts that accumulate until 60 and then you can withdrawal any amount you wish or are these some sort of annuity?... What happens is the person dies?... Do relatives inherit or does the money revert back to the fund?

[dageurreotype]

Wow! 7,000 should keep the cupboards stock with Lao khao...

I see no index linking in this fabulous scheme so the maximum 7000 baht per month may afford them a shot glass, not 'cupboards full'. And, whilst we're on the subject, my 60 year old cleaner is worried that she'll have to go live in a wat when she's too old to push a mop. So, enough with the snide comments on what people born into countries with no welfare system for whatever reason (yes yes we already know what those are), from those who were.

[dageurreotype]

And the military could help out by depositing 36 Billion Baht into the fund.

Together with their backers

[dageurreotype]

Meanwhile, I know of current pensioners how gets, a baht 1,000 a month and some nothing at all,

what about those retired people that are all out there with means of supporting themselves?

They have the informal Thai plan. Children (mostly the girls) will send money home for their parents my g/f does so faithfully. I have always stated on this forum that these presently retired people desperately need a raise a big raise. Its a disgrace that their "Golden Years" are tied to the generosity of their children. Young people out in the workforce today have a hard enough time to feed, cloth and house themselves if they can even find a job that pays a decent salary. So many come out of the halls of higher learning only to find steep competition for jobs in their chosen field. My g/f a very clever girl speaking good English has a grade 10 education but claims finding a job that pays 8-10 bahts a month is almost impossible especially as she ages.

Or someone like you

[mommysboy]

Those end figures quoted will not seem much when eroded by inflation. What will 7000 be worth in 40 years time?