Social Security Board candidates call for higher pension rates

A majority of the candidates in the race for the new Social Security Board have underscored the need to increase pension rates for retirees within the social security system.

They also drew attention to the crucial requirement of enhancing transparency and efficiency in managing the Social Security Fund (SSF).

The election, slated for December 24, will see over 800,000 registered workers from the social security system elect 14 new board members. The board is divided equally between representatives of employers and employees, with more than 240 individuals registered to compete, 61 of whom represent employers.

A recent seminar, co-hosted by the Puey Ungphakorn School of Development Studies and the Thai Labour Museum Foundation, offered these candidates a platform to articulate their vision for the board. A common thread among many contenders was a call for an increase in pension from the current maximum monthly rate of 3,000 baht to at least 4,500 baht.

This suggestion stems from the argument that the current rate fails to meet the escalating cost of living, forcing many retirees to seek additional income sources.

Among those advocating for a pension hike is Chinnachot Saengsang, a representative from the Council of Thai Labour. Chinnachot proposed a monthly pension of a minimum of 4,500 baht, or 30% of the last received salary of 15,000 baht — a suggestion that would necessitate raising the 15,000 baht ceiling to 18,000 baht, reported Bangkok Post.

Concurring with Chinnachot’s perspective, Piyarach Samata, a candidate for the Social Security for Thai Workers labour group, proposed periodic adjustments to the monthly pension every three to five years to keep pace with inflation, emphasising the need for financial adaptability in the evolving economic landscape.

Moreover, Piyarach emphasised the need for significant improvements in the transparency and efficiency of SSF management. This, he argued, would ensure the fund has ample resources to finance any future expansions of social security benefits.

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