Age for old-age benefits to be raised

[webfact]

Age for old-age benefits to be raised
By The Nation

 

 

SSO plans change because of country's increasing number of elderly people

 

BANGKOK: -- THE GOVERNMENT is planning to increase the age when people would qualify for old-age benefits from 55 to 60 years amid the country’s growing elderly population. 

 

Social Security Office (SSO) secretary-general Suradej Waleeittikul yesterday admitted that his office was assigned to overhaul the scheme, which will include postponing by five years the eligible age when people can claim old-age benefits.

 

As of May this year, the scheme covered 14,148,310 people in Thailand. 

 

“We will offer some incentives to encourage insured persons to start receiving the benefits at a later age,” he said. 

 

Suradej said a subcommittee, established by the SSO to overhaul the scheme, has also considered raising the salary ceiling for calculating monthly contributions to the scheme from Bt15,000 to Bt20,000. 

 

The higher the ceiling, the more contributions employees and employers submit each month to save for their retirement.

 

“This ceiling increase has received support from various sides. It’s a way to boost insured persons’ income during their retirement,” Suradej said. 

 

Panel to consider plan

 

He said the subcommittee would meet on July 11 to consider the plan. “After it decides on the plan, it will hold public hearings on the matter across the country between July and August. Recommendations made during the event will be taken into account when we improve the scheme,” he said. 

 

The Thai Labour Solidarity Committee (TLSC) meanwhile plans to hold a discussion on the idea of postponing old-age benefits on July 23. 

 

“We will invite all stakeholders as well as academics to the discussion,” TLSC president Sawit Kaewwan said yesterday. “We will need to ensure that the voices of all stakeholders are heard.”

 

“We will consider this proposal and other options before making recommendations to the labour minister,” Sawit added. 

 

He said relevant authorities must tread carefully on the issue because it would be related to efforts to reform the country’s social security scheme. “The scheme needs an urgent reform,” he said.

 

As of May 31 this year, the Social Security Fund – which finances the social security scheme – has accumulated investment funds of Bt1.6 trillion. Of the amount, about Bt1.13 trillion comes from the monthly contributions submitted by insured persons, employers and the government. The rest is the benefits generated from the amount.

 

Source: http://www.nationmultimedia.com/news/national/30320095

 

-- © Copyright The Nation 2017-07-07

[kannot]

let me guess, anyone over age 100 accompanied  by both parents................... meanwhile, dive  dive  dive.......who left the hatch open?

[Lupatria]

Raise it to 100 years. It will save enough money to buy new submarines every year.

[robblok]

Not sure how it is in other countries.. but in mine they raised the age limit too. I think its quite normal to do so its not like the money a government can spend is unlimited. With an population that gets older and older the elderly become a huge burden.  Here on Thaivisa I constantly read how 60 is not old ect. So I guess they agree. 

 

Problem is that the tax base is just too small, plus now recently some toys for the army, a rice program that drained Thailand... and other populist stuff that was not good for the treasury. You an only spend your money once. Just look at Greece that is what happens if the government keeps giving presents while they have no money. 

[Jonmarleesco]

2 hours ago, robblok said:

Not sure how it is in other countries.. but in mine they raised the age limit too. I think its quite normal to do so its not like the money a government can spend is unlimited. With an population that gets older and older the elderly become a huge burden.  Here on Thaivisa I constantly read how 60 is not old ect. So I guess they agree. 

 

Problem is that the tax base is just too small, plus now recently some toys for the army, a rice program that drained Thailand... and other populist stuff that was not good for the treasury. You an only spend your money once. Just look at Greece that is what happens if the government keeps giving presents while they have no money. 

Sixty is far from old, I assure you; though it obviously does depend on the individual. But most western countries are already realising sixty five is unsustainable, never mind sixty; never, never mind fifty five. 

 

The current Thai government, being mostly ex-military, still needs to work out what money looks like, never mind where it comes from and how long it can last if one opens the tap too wide.

[champers]

I think many in the West would be delighted to receive their state pension at 60. All the same; when you start taking away, rather than giving, it creates ill feeling.

[Time Traveller]

38 minutes ago, champers said:

I think many in the West would be delighted to receive their state pension at 60. 

the whole 500 baht a month?

[Suradit69]

3 hours ago, Lupatria said:

Raise it to 100 years. It will save enough money to buy new submarines every year.

That sounds like something leaked from a Donald Trump deficit reduction meeting. Another popular US approach to reducing the number of old age claimants is to deny subsidized health care services to as many as possible.

 

[edwinchester]

1 hour ago, champers said:

I think many in the West would be delighted to receive their state pension at 60. All the same; when you start taking away, rather than giving, it creates ill feeling.

Yeah, my Thai parents in law are living a life of luxury on their state pension of 500 bht a month.

[the guest]

Thailand is a very stingy country, so the old who are vulnerable, only get between 500 - 900 per month?

Meanwhile, the influential get handsome payouts, to make them live like Kings. Show you how much the country really cares for it people.

 

[Grubster]

18 minutes ago, edwinchester said:

Yeah, my Thai parents in law are living a life of luxury on their state pension of 500 bht a month.

I think that is what you get if you never paid into it as in most farmers. Not a bad deal for no contribution. It is hard to imagine how these poor farmers get by here in the jungle but they do somehow.

[Reigntax]

6 hours ago, kannot said:

let me guess, anyone over age 100 accompanied  by both parents................... meanwhile, dive  dive  dive.......who left the hatch open?

Any possessing their own death certificate presented in person.

[kannot]

3 hours ago, Reigntax said:

Any possessing their own death certificate presented in person.

in triplicate obviously

[DavisH]

3 hours ago, edwinchester said:

Yeah, my Thai parents in law are living a life of luxury on their state pension of 500 bht a month.

The civil servants pension is MUCH better. And they can continue to work after 60 y.o (the retirement age) and stile receive the full pension.

[4MyEgo]

5 hours ago, champers said:

I think many in the West would be delighted to receive their state pension at 60. All the same; when you start taking away, rather than giving, it creates ill feeling.

I remember back in Australia when the old age pension was 60, then raised to 65 and now as of 1 July 67 and they are trying for 70, which no doubt will pass one day in the not too distant future.

 

I agree with the ill feeling, like work 39 years and pay taxes to receive zero if you decide to live overseas, as in Thailand for example, but I am countering that ill feeling by investing back in the old country and paying no taxes legally, while living here, so I have slowly realised that you cannot have your cake and eat it too, that is, unless your a politician as they get their pensions at 60, and as of 1 July got a 2% increase on their 6 figure salaries, and if that wasn't enough, a 2% tax reduction as well.

 

The old saying "Australia is the lucky country" I am afraid has gone to the dogs, but no point in crying over fairness, get even I say, and when I reach the age of the old age pension, if still alive and in good health, I will go back, do the 2 years prison term and take the money and run if approved, however I will know up front if I am eligible, otherwise it will be a holiday 555  

Edited July 7, 2017 by 4MyEgo