Thai Pension

[MrPatrickThai]

I've recently realized that I've paid 20 years into the "bpragan sangkom" or social security system in this country.

 

I'm not retiring age for a few years but wondering if anyone is receiving a pension from them? I also heard there was the option of a lump sum.

 

After 20 years, I guess it is a sizable amount.

[realenglish1]

Yes sizable about  2000 baht per month sizable 

[writeshack]

When I retired from work here in Thailand I received a lump sum payment, not large by any means. I had the option to continue my membership by notifying them within 6 months and signing some forms, which I did. I therefore still have health cover from Sangkom. It's not very good, and mainly for admissions at member hospitals, and there's not enough of them, but better than no cover. You can stay with your current hospital. I pay 400-500 a month, it seems to vary a bit. 

[TerryLH]

"Yes sizable about  2000 baht per month sizable"

 

I doubt you'll get more back than was actually payed into the system.

But there is a nice lump sum amount.  If you want payments, I think they are available.  Take a look at the SS site for info on how to calculate that. 

Contact your local SS Office for details on how much you can get.  They actually gave me more than they originally quoted.

 

 

 

" I therefore still have health cover from Sangkom. It's not very good, and mainly for admissions at member hospitals, and there's not enough of them, but better than no cover. You can stay with your current hospital. I pay 400-500 a month, it seems to vary a bit."

 

 What's not to like about the coverage?  They basically cover everything.

You are assigned to one hospital, unless involved in an emergency situation or referred to a different hospital in case your assigned hospital can't treat you.

Depending on where you're at, there might be several hospitals to choose from, even some private hospitals. 

 

The 432 baht per month you pay is, in my opinion, a great benefit.  

After you've been paying into the system for a year, you are eligible to pay on your own if you become ineligible through work - for any reason.

[Anders W Ferslev]

i get 800B a month in child support :) i have 2 kids 2&4 years old :)

Edited August 24, 2017 by Anders W Ferslev

[blackcab]

I was told by one of our staff that the lump sum payment had recently been removed for those who had paid in more than 15 years. She was a bit miffed by that as it affected her long term plans.

 

I have not checked this out myself yet, so please treat this as unsubstantiated. I would actually be quite pleased to be wrong about this.

[LukKrueng]

8 hours ago, blackcab said:

I was told by one of our staff that the lump sum payment had recently been removed for those who had paid in more than 15 years. She was a bit miffed by that as it affected her long term plans.

 

I have not checked this out myself yet, so please treat this as unsubstantiated. I would actually be quite pleased to be wrong about this.

They count by months. If i remember correctly it's up to 179 payments (months) you have a choice of lump sum OR monthly payments for the rest of your life+ about 6 months after your death to your spouse. 180+ payments you only get the monthly. You have to be at least 50 years old to claim either option.

[speedtripler]

Inflation taken into account, I would take it as a lump sum and reinvest it in something else... 

 

[MrPatrickThai]

17 hours ago, realenglish1 said:

Yes sizable about  2000 baht per month sizable 

Over 30 years, work it out.

[MrPatrickThai]

14 hours ago, Anders W Ferslev said:

i get 800B a month in child support :) i have 2 kids 2&4 years old :)

Which stops at 6 years old, well did anyway years ago when I got it for my kids.

[speedtripler]

24 minutes ago, MrPatrickThai said:

Which stops at 6 years old, well did anyway years ago when I got it for my kids.

When they hit 6 you can kick em out the door to get a job anyway! 

Too much laziness in the young'uns thesedays. 

[manchega]

I took mine out in lump sum a while back.  I was not happy with costs of management nor returns. 

[Pib]

What you would get per month is defined below:

 

http://www.sso.go.th/wpr/eng/retrie.html

Quote

 

Old Age Pension Benefit:

1. Having made contributions for not less than 180 months and is entitled to old age pension benefit on monthly basis at the rate of 15 percent of last 60 months of average wage which is used as a basis for calculation of the contribution before the status of being the insured terminates
2. In the case of making contributions for over 180 months, the rate of old age pension benefit pursuant to Clause 1 shall be increased at the rate of 1 percent per every 12 months of making the contributions for a period of making contributions exceeding 180 months. 

 

1.  

[MrPatrickThai]

On 8/29/2017 at 8:55 PM, Pib said:

What you would get per month is defined below:

 

http://www.sso.go.th/wpr/eng/retrie.html

1.  

I believe the maximum salary is 15,000 a month though.

[MrPatrickThai]

The local office told me on the phone that it only counts from 2001!

 

I worked many years before that, can anyone clarify this?

[fletchsmile]

On 8/24/2017 at 9:15 PM, Anders W Ferslev said:

i get 800B a month in child support :) i have 2 kids 2&4 years old :)

You could also claim a lump sum for medical expenses on birth.

 

Can't remember exactly how much it was, but was in the ball park of 10k - 15k as a one off. At the time we did this, the monthly amount of child support was 350 baht per child per month, so has probably gone up a bit too like the 400 baht a month you're getting.

[fletchsmile]

The Social Security Act lets you know what benefits you are entitled to for sickness, maternity, old age etc.

 

http://www.sso.go.th/wpr/uploads/uploadImages/file/Socialsecurityact.pdf

 

Obviously doesn't give the amounts as these keep changing, but it does give a simple idea of what things are out there

 

You can also browse around the social security website, eg for benefits:

 

http://www.sso.go.th/wpr/category.jsp?lang=th&cat=920

 

English version of the website is very limited, but the Thai version + google translate isn't bad if you don't read Thai

 

Cheers

Fletch :)

Edited November 20, 2017 by fletchsmile

[fletchsmile]

You need a minimum of 15 years/ 180 months contributions.

 

My understanding was that it was about 3k per month max = (20% of the max NI cap of 15k)

 

The FAQ's on the SSO website give a few more details

 

http://www.sso.go.th/wpr/category.jsp?lang=th&cat=902

Edited November 20, 2017 by fletchsmile