PUBLISHED: 23 Feb 2025 at 08: 02
Labour Minister Phiphat Ratchakitprakarn is backing the opposition’s request for an investigation into the Social Security Office’s ( SSO ) spending so that he can decide whether to stop producing 4.1 million calendars annually.
In response to the Women’s Party’s need for an explanation about the SSO’s investing, Mr Phiphat said he and the workers permanent secretary are ready to understand and answer all queries.
According to him, the Social Security Fund ( SSF)’s 26 million members deserve to know how far the organization has progressed in providing benefits.
He requested that a conference on the subject be postponed because he is scheduled to travel to Hong Kong and Macau.
Regarding worries about the production of 4.1 million dates annually, Mr. Phiphat stated that the SSO is currently evaluating whether this expense is appropriate.
According to him, people appointment will be conducted to see whether various partners, including relevant institutions, employers, employees and bank members, also need the calendars.
He added that some people in remote locations without access to the internet still rely on natural dates to get data about social security benefits.
If the study shows the schedules are outdated, production may be cancelled in 2027, he said. But, the purchasing for 2026 is now afoot, he added.
Regarding the SSO’s Medical Committee members ‘ expiration this month, Mr. Phiphat explained that it is crucial for the council members to include health professionals in order to facilitate effective communication.
Mr Phiphat also said that he is satisfied with the SSF’s investment returns, which increased from 3.11 % in 2023 to 5.34 % last year.
He stated that he thinks returns will be above 5 % this year, stressing the importance of meeting this goal. Additionally, he demanded that all social functions work together to ensure the social security system’s viability and expansion.
Achieving higher returns, possibly up to 6-8 %, would significantly benefit the fund’s sustainability, he said.
” I think 5 % is the highest we can achieve]this year], but if there’s an opportunity]to reach higher growth], it should not stop there. It should be 6 %, 7 % or 8 %”, said Mr Phiphat.