Universal pension fund proposed to cover more elderly citizens

[Admin]

Thailand considers universal pension fund proposal 
The Nation: 11/3/2009

Universal pension fund proposed to cover more elderly citizens.


In a bid to cope with the country's growing elderly population, the Thai Gerontology Research and Development Institute is conducting a feasibility study on setting up the Kingdom's first ever universal pension fund.

The proposed fund would cover more than 30 million people not eligible for coverage by existing retirement schemes.

"The new universal pension scheme would involve compulsory saving for retirement by young and old workers alike, rather than waiting for help from government or family," said Chulalongkorn University economist Worawet Suwanrada, who is in charge of the study.

The findings will soon be submitted to the National Committee on Elderly People, chaired by Prime Minister Abhisit Vejjajiva.

The new fund would target two groups of people, the first one being those aged over 60 and receiving a monthly allowance of Bt500.

The second group are those aged 2059 who now work but are not covered by labour law in terms of retirement benefits. They will be encouraged to save money in special retirement schemes.

Under the new fund, those eligible must register with their local administrative organisation and save a minimum of Bt50 to Bt500 a month. They could contribute the money via various channels, such as the Social Security scheme.

Those not making enough for the monthly contribution or who are temporarily unemployed may ask their local administrative organisation to make the contribution for them for a limited period.

People with HIV, the disabled and the hospitalised, among others, will also be covered.

Young savers would receive their first pension payment at age 60.

The proposed scheme would also pay out for disability and funeral rites.

Worawet said fund members could check their pension accounts at the district office, through the Internet using a smart identification card or even via SMS.

Administrators would report the fund's status to each local administrative organisation every two months so that the agencies could provide appropriate support in terms of earmarking funds to cover those who are temporarily unemployed.

The scheme will be run by representatives from various stakeholders, including local administrative organisations nationwide.

The Labour Ministry, the Bank of Thailand and the Securities and Exchange Commission will also participate in the scheme's oversight.

[TBWG]

Thailand considers universal pension fund proposal 
The Nation: 11/3/2009

Universal pension fund proposed to cover more elderly citizens.


In a bid to cope with the country's growing elderly population, the Thai Gerontology Research and Development Institute is conducting a feasibility study on setting up the Kingdom's first ever universal pension fund.

The proposed fund would cover more than 30 million people not eligible for coverage by existing retirement schemes.

"The new universal pension scheme would involve compulsory saving for retirement by young and old workers alike, rather than waiting for help from government or family," said Chulalongkorn University economist Worawet Suwanrada, who is in charge of the study.

The findings will soon be submitted to the National Committee on Elderly People, chaired by Prime Minister Abhisit Vejjajiva.

The new fund would target two groups of people, the first one being those aged over 60 and receiving a monthly allowance of Bt500.

The second group are those aged 2059 who now work but are not covered by labour law in terms of retirement benefits. They will be encouraged to save money in special retirement schemes.

Should have built up quite a large pension pot by the time they reach 2059!!, just hope they still have enough energy to operate the zimmer frame!


TBWG

[dave the dude]

Should have built up quite a large pension pot by the time they reach 2059!!, just hope they still have enough energy to operate the zimmer frame!

TBWG

& do they pay it to anyone or anywhere in the universe.

Sounds a bit like UK Benefits, I see in todays paper that 22 out of the 23 F*CKING Terror Suspects are getting Job Seeker Allowances. It would be funny if it wasn't true

Dave