Can expats collect Thai retirement pension

[RBOP]

Anyone employed with a work permit in Thailand pays tax. Some of the tax is for Social Security and Welfare. So when a foreigner reaches 55 and retires can they collect a Thai old age pension from the government? Seems the requirement is you have to have paid into it for 180 months (15 years). I did get one of those SS cards 22 years ago but I always thought it was medical.  http://www.expatfocus.com/expatriate-thailand-social-security

[ManilaJoe]

When I stopped working in Bangkok and retired,  I got a one time check payment from the Social Security and Welfare.

Joe

[camble]

My employer paid 750/month for my social security.  When I left the job I had a year to claim it at the local government office or lose it.  I had to be over 50, they paid me 50,000 (in cash) for working 5+ years.

[ThailandLOS]

As previously mentioned, the social security is a one off payout for 5+ years of work (and the payment also gives you access to public health care).

 

Most reputable employers in Thailand set up a providence fund for their employees' retirement, where e.g. 5% of the gross salary is invested and backed by the same amount by the employer. Those funds can pay out nicely.

[MikeyIdea]

Different information, the one in the link sounds way too good to be true. I don't know what to think

 

In order to claim the old age pension a person must be at least 55 years of age and have made at least 180 months contribution

Yes, I am soon 55 years old and I have contributed 20 years

 

The pension that is paid out is the equivalent of 20% of the average wage earned in the previous 60 months before retirement. . Payments are increased by 1.5% of this amount for each 12 month period of contributions over and above the minimum 180 month

Wow, that is much more than what I thought. So I could get 20*1.015^5 = over 21% of my average salary the last 5 years before I retire????

 

Wow again, is someone joking? I had no idea...!  Is this correct? How long? Until I die? Or how is the one time payment working?

 

Anyone can confirm?

 

Thanks Mikey

 

 

[thaivaper]

I went through this process--worked for 18 years and paid the maximum thai social security monthly payments.--Upon retirement I had 3 choices----1)-one time payment--which was around 180000 baht---2)monthly payments form life which was about 3500 baht per month---3)lifetime <deleted>;; coverage thai gov health insurance which I pay 432 baht per month;

 

I chose the health insurance.   Should I choose treatment in a private hospital there will be discounts.   I had to choose a gov hospital in my area as my main provider--I can change that.if I move.   

[thaivaper]

26 minutes ago, MikeyIdea said:

Different information, the one in the link sounds way too good to be true. I don't know what to think

 

In order to claim the old age pension a person must be at least 55 years of age and have made at least 180 months contribution

Yes, I am soon 55 years old and I have contributed 20 years

 

The pension that is paid out is the equivalent of 20% of the average wage earned in the previous 60 months before retirement. . Payments are increased by 1.5% of this amount for each 12 month period of contributions over and above the minimum 180 month

Wow, that is much more than what I thought. So I could get 20*1.015^5 = over 21% of my average salary the last 5 years before I retire????

 

Wow again, is someone joking? I had no idea...!  Is this correct? How long? Until I die? Or how is the one time payment working?

 

Anyone can confirm?

 

Thanks Mikey

 

 

Got to read the fine print. The maximum salary as set at 15000 baht per month.  Thtts 3000 baht per month plus very small increase extra years.--Thus I would have gotten around 3500 baht per month.  As I stated I opted for the lifetime health insurance.

[MikeyIdea]

Thanks thaivaper, that makes more sense. No fine print in that link :)

 

OK, so then lifetime health insurance makes sense

 

And I am back to where I started the day  

 

Thanks

Edited October 5, 2016 by MikeyIdea

[thaivaper]

39 minutes ago, MikeyIdea said:

Thanks thaivaper, that makes more sense. No fine print in that link :)

 

OK, so then lifetime health insurance makes sense

 

And I am back to where I started the day  

 

Thanks

BTW--If you have changed your passport number during your employment period make sure that someone has notified the SS office of that change. 

[MikeyIdea]

 

10 minutes ago, thaivaper said:

BTW--If you have changed your passport number during your employment period make sure that someone has notified the SS office of that change. 

 

Thank you very much, great help thaivaper

[Collins]

Yes, You can absolutely get this. All the info can be found here from the official page of the Thai Social Scurity Office: http://www.sso.go.th/wpr/eng/benefit.html

 

Maximum salary that is currently used for calculatory purpose of both contributions and benefits is THB 15,000 as has been mentioned before. With 22 years of contributions you get 4,000+ Baht monthly pension for life starting at 55 years of age. Not much - yet still better than nothing.

 

Cheers

 

[glegolo]

Looking at the numbers. You pay for 22 years x 15.000 baht/month, totally some 3.960.000 baht, whereof you get 4.000 baht a month in pension in return...

 

You live until, let say 85 years of age and during that time you lift 4.000 baht a month amounting totally to an amount of; 1.440.000 baht...... So where is the rest of the missing 2,5 miljon baht that I paid into the system???

 

Is this really a good deal??? Or is it maybe more constructive NOT to "hand over" all this money to Thailand, and instead yourself pay into an bankaccount... At least in the end you will not lose 50% of the money..

 

Did i miss something here...

 

Glegolo

[Collins]

Yes, you missed that you only pay 750 Baht per month (5% contribution on max 15,000 income) - same as the employer. Of this contribution only a part is for the pension, the rest being for unemployment, health insurance and child benefits. The return doesnt seem to be too bad really.

Edited October 5, 2016 by Collins

[thaivaper]

39 minutes ago, glegolo said:

Looking at the numbers. You pay for 22 years x 15.000 baht/month, totally some 3.960.000 baht, whereof you get 4.000 baht a month in pension in return...

 

You live until, let say 85 years of age and during that time you lift 4.000 baht a month amounting totally to an amount of; 1.440.000 baht...... So where is the rest of the missing 2,5 miljon baht that I paid into the system???

 

Is this really a good deal??? Or is it maybe more constructive NOT to "hand over" all this money to Thailand, and instead yourself pay into an bankaccount... At least in the end you will not lose 50% of the money..

 

Did i miss something here...

 

Glegolo

If u paid 2.5 million into a "system" it is probably your companies provident fund.  or you are confusing it with taxes.  If its a provident then you should get it all back with interest and tax free if you wait until 55. Plus your company should have been matching those funds depending on their scheme.  Check with your employer and see what you have been contributing to.

[SOUTHERNSTAR]

When you end your employment you can continue to pay SS (if you have not reached the 180 months) and retain the health benefit. I suspect that the retirement age will be increased to 65 years soon, as the population is aging fast.

[MikeyIdea]

9 hours ago, glegolo said:

Looking at the numbers. You pay for 22 years x 15.000 baht/month, totally some 3.960.000 baht, whereof you get 4.000 baht a month in pension in return...

 

You live until, let say 85 years of age and during that time you lift 4.000 baht a month amounting totally to an amount of; 1.440.000 baht...... So where is the rest of the missing 2,5 miljon baht that I paid into the system???

 

Is this really a good deal??? Or is it maybe more constructive NOT to "hand over" all this money to Thailand, and instead yourself pay into an bankaccount... At least in the end you will not lose 50% of the money..

 

Did i miss something here...

 

Glegolo

 

Well, Collins already pointed out one thing but more important is perhaps that the ratio still is better than most other North European countries. And here you get totally free hospital care when you are retired and waiting times are much shorter than in e.g., Sweden (which most people think is a role model in this area)

 

Government hospitals here have never been bad when I have visited them, they're actually OK

 

[glegolo]

27 minutes ago, MikeyIdea said:

 

Well, Collins already pointed out one thing but more important is perhaps that the ratio still is better than most other North European countries. And here you get totally free hospital care when you are retired and waiting times are much shorter than in e.g., Sweden (which most people think is a role model in this area)

 

Government hospitals here have never been bad when I have visited them, they're actually OK

 

Thank you for clearing things out, och thanks to the rest of the guys who did the same. Well good to know about this.

 

regarding Sweden, I am actually swedish, and cannot other than agree with you regarding the waiting times at hospitals there. But no wonder.... we swedes take hospitalcare to new levels taking care of seemingly all nationalitits on this earth, especially these ones that havent paid into it.

 

But must disagree to a point what regards govermantal hospitals in Thailand, or should I say the one that I really know about here in Chaiyaphum. I have been there at several occasions, and they do good in some cases, at least you get your usual bag of medicin especially paracetamol in three-four different kinds....

 

But the waiting times are NOT at all what you suggest here, I am not surpriced if there is about 2-400 people waiting all over the place, even waiting out in the parkinglot eating.... It takes for ever here when I come to the E.R. But maybe this is just Chaiyaphum???

 

Anyhow again thanks for clearing stuff up with the retirement-funds.

Glegolo

Edited October 6, 2016 by glegolo

[MikeyIdea]

Government hospitals waiting times

Extended family in Loei is old so they use the gov hospital quite often. They leave home before 6 AM and are normally home again by 1 - 2 PM. Not good of course but not too bad, especially not considering that it is totally free 

 

My 81 year old mother in Sweden tore a muscle in her shoulder and had to get emergency care last year, she left home 8AM and came home 10PM

 

It's good to be at government hospitals very early, that cuts a few hours off the waiting time

 

[ghworker2010]

13 hours ago, thaivaper said:

Got to read the fine print. The maximum salary as set at 15000 baht per month.  Thtts 3000 baht per month plus very small increase extra years.--Thus I would have gotten around 3500 baht per month.  As I stated I opted for the lifetime health insurance.

If I quit the govt teaching job after 5 yrs can I then be entitled to the 3 options. Im interested in the lifetime health care benefit. Whats the rule with that?

thanks

[RBOP]

1 hour ago, ghworker2010 said:

If I quit the govt teaching job after 5 yrs can I then be entitled to the 3 options. Im interested in the lifetime health care benefit. Whats the rule with that?

thanks

It appears you have pay into the scheme for 180 months (15 years). I'm investigating further.

[thaivaper]

3 hours ago, ghworker2010 said:

If I quit the govt teaching job after 5 yrs can I then be entitled to the 3 options. Im interested in the lifetime health care benefit. Whats the rule with that?

thanks

My understanding is that you have to pay in for 15 years before qualifying for the health care.  

[sas_cars]

Is the option of life time health insurance needs to pay extra /month?  Will the hospital be the same as what we chose as our regular hospital when we were paying the social security during our work life?  And I understand by choosing this, we won't get the 4000 Baht/monthly payment or the one off payment anymore?

[Grubster]

17 hours ago, thaivaper said:

I went through this process--worked for 18 years and paid the maximum thai social security monthly payments.--Upon retirement I had 3 choices----1)-one time payment--which was around 180000 baht---2)monthly payments form life which was about 3500 baht per month---3)lifetime <deleted>;; coverage thai gov health insurance which I pay 432 baht per month;

 

I chose the health insurance.   Should I choose treatment in a private hospital there will be discounts.   I had to choose a gov hospital in my area as my main provider--I can change that.if I move.   

I have and never will work here but I must say I think you made far and away the correct choice. Some of these government hospitals are not bad. Pay a little and they get better. A big weight off your shoulders I'm sure.

[Grubster]

5 hours ago, glegolo said:

Thank you for clearing things out, och thanks to the rest of the guys who did the same. Well good to know about this.

 

regarding Sweden, I am actually swedish, and cannot other than agree with you regarding the waiting times at hospitals there. But no wonder.... we swedes take hospitalcare to new levels taking care of seemingly all nationalitits on this earth, especially these ones that havent paid into it.

 

But must disagree to a point what regards govermantal hospitals in Thailand, or should I say the one that I really know about here in Chaiyaphum. I have been there at several occasions, and they do good in some cases, at least you get your usual bag of medicin especially paracetamol in three-four different kinds....

 

But the waiting times are NOT at all what you suggest here, I am not surpriced if there is about 2-400 people waiting all over the place, even waiting out in the parkinglot eating.... It takes for ever here when I come to the E.R. But maybe this is just Chaiyaphum???

 

Anyhow again thanks for clearing stuff up with the retirement-funds.

Glegolo

I have used the government hospitals with no insurance, and the amount I pay is very small, and I get fast treatment as I am a cash paying customer, I don't know your situation but if a few hundred baht won't set you back I would pay cash for the small stuff and only keep the insurance for big issues. I never get dirty looks from anybody for this as Thai's understand that cash is king.

[glegolo]

4 minutes ago, Grubster said:

I have used the government hospitals with no insurance, and the amount I pay is very small, and I get fast treatment as I am a cash paying customer, I don't know your situation but if a few hundred baht won't set you back I would pay cash for the small stuff and only keep the insurance for big issues. I never get dirty looks from anybody for this as Thai's understand that cash is king.

 

I do also pay cash almost all the time. My insurance situation is;

 

AIA för accidents,

for smaller stuff i go to the govermental hospital here and the clinics as well (actually good choice instead of the hospital if it is pooible)

and lastly if something happens and I need the "knife"....  I prefer to be killed on a swedish surgery-table instead of here, in this mildly said, wild country..

 

Glegolo

[Grubster]

7 minutes ago, glegolo said:

 

I do also pay cash almost all the time. My insurance situation is;

 

AIA för accidents,

for smaller stuff i go to the govermental hospital here and the clinics as well (actually good choice instead of the hospital if it is pooible)

and lastly if something happens and I need the "knife"....  I prefer to be killed on a swedish surgery-table instead of here, in this mildly said, wild country..

 

Glegolo

I would also want to go home for that but you don't have that option if you can't make a decision, or you can't fly. I have some friends that had very good results from major heart surgeries here, but they had deep pockets or great insurance to assure the best care. I go to a private hospital for anything I think could be major, but then I can afford that. Some actually come here from the west to get top care in the best hospitals here.

[RBOP]

Hello. Just to follow up, I checked with my old HR person who checked with the SSO. They said I have to wait until I'm 55 to claim back either lump sum, monthly pension or government health insurance.  I stopped work 1 year 5 months ago, FYI.  This week I turned 55 so I went to the SSO. I've paid 178 months into the scheme so can only get lump sum back. The whole process took 45 minutes and they said I'll be getting just shy of 200K baht in 4-5 weeks. A nice little bonus. Thank you.

[GarryP]

56 minutes ago, RBOP said:

Hello. Just to follow up, I checked with my old HR person who checked with the SSO. They said I have to wait until I'm 55 to claim back either lump sum, monthly pension or government health insurance.  I stopped work 1 year 5 months ago, FYI.  This week I turned 55 so I went to the SSO. I've paid 178 months into the scheme so can only get lump sum back. The whole process took 45 minutes and they said I'll be getting just shy of 200K baht in 4-5 weeks. A nice little bonus. Thank you.

It was my understanding that you could pick up the lump sum or pension but continue paying in to get health coverage. Perhaps not available to you once you stopped paying in. But I could be wrong. It has been known to happen. 

[Mattd]

Interesting topic, the way I am understanding this is the benefits kick in after making 180 monthly payments in to the SS fund, anything less and you can claim a lump sum payout?

How does it work if there was a shortish break in the payments?

I worked for one company for 11 years 3 months (so 135 months) then there was a short break of about 7 weeks prior to going on to the payroll of another company, at which I've made a further 15 months SS payments to date, so 150 now in total, assuming I continue to work, then will this short break have any effect, i.e. do they reset the clock?

[GarryP]

1 hour ago, Mattd said:

Interesting topic, the way I am understanding this is the benefits kick in after making 180 monthly payments in to the SS fund, anything less and you can claim a lump sum payout?

How does it work if there was a shortish break in the payments?

I worked for one company for 11 years 3 months (so 135 months) then there was a short break of about 7 weeks prior to going on to the payroll of another company, at which I've made a further 15 months SS payments to date, so 150 now in total, assuming I continue to work, then will this short break have any effect, i.e. do they reset the clock?

No. They do not reset the clock. It is accumulated.