Described: 20 Nov 2024 at 06: 38
According to Labour Minister Phiphat Ratchakitprakarn, the Labour Ministry will conduct an investigation into Sweden’s pension system in order to improve the Social Security Office’s ( SSO ) scheme and better address the needs of social security subscribers in an aging society.
Mr. Phiphat, who is leading a delegation of Thai labor officials to Stockholm, went to the Swedish Pension Agency ( SPA ) to get information and ideas for the SSO’s pension program.
He mentioned that during the visit, three crucial topics were discussed, including how the fund is managed effectively, how to invest in financial protection, and creative ways to enhance member services. According to Mr. Phiphat, one of the suggestions to address the socioeconomic changes in Thailand was establishing a flexible retirement age and developing annuity payment strategies to meet seniors ‘ needs.
The SSO is determined to strengthen the pension system in order to better meet the needs of the elderly, according to the labor secretary. He continued,” The SSO has also adopted digital technology to facilitate its management and ensure greater transparency.”
Boonsong Thapchaiyuth, the labour continuous director, said the SPA shared insights on ensuring the firm’s conservation, which included the setting up of a “buffer fund” to control the difference between coming contributions and cheerful pension benefits.
He claimed that a annuity score is in place in Sweden that adjusts income payments based on various variables, including changes in the average life expectancy and the average salary the recipient receives while working.
The SSO’s income system is managed differently, according to Thanapong Chuamuangpan, a member of the organization. However, the information gained from the visit can be used to enhance the SSO’s pension scheme management. Sweden’s income program offers more than 50 different advantages to all Swedes, according to Anna Pettersson Westerberg, head of the Swedish Pension Agency.
The sources of funding include efforts from the government, businesses, and insured people, as well as deliberate involvement, she said.
In addition, incentives are provided to keep persons employed, such as extending the pension age and allowing those who have reached the lowest retirement age to receive a portion of their annuity payments.