PUBLISHED: 26 Feb 2025 at 04: 00
The Social Security Fund ( SSF ) Board has rejected a new pension formula for being” too complicated”.
Assoc Prof Sustarum Thammaboosadee, a board member and the head of the Democratic Social Security Team, stated after the screen meeting that he would apologize for failing to persuade the SSF Board to take the organization’s proposal, but that he would continue to work at the upcoming meeting in March.
More than 300,000 covered people under Section 39 who were previously employed and then continued to contribute through SSF contributions may be affected, according to him.
He claimed that the new income formula may be adjusted in response to price changes and prices.
For instance, the percentage that was recently calculated from a salary of 5, 000 bass 20 years ago may be updated in accordance with the current inflation rate.
The SSF will have to spend more on the 300, 000 covered people, but the study team determined that this would not have an impact on the fund’s conservation. In 10 times, retirement for the party will cost about 60 billion ringgit from the bank’s reputation of 2.6 trillion baht”, he said.
He claimed the subcommittee pre-approved the computation method in October and presented it to the SSF yesterday.
He added that because there will be more contributions from both sides to the new method, it will not have an impact on the right of employers and employees under Part 33.
According to him, the meeting’s solution was to instruct the crew to reexamine the formula and bring it before the board.
” We don’t know why the SSF delayed making this decision, but we suspect it does require our extreme cross-examination of the committee”, he said.
He also demanded that the case be kept under wraps and made common available, arguing that the fund may be run transparent and up for scrutiny.
The SSF is the nation’s largest public fund, and it is now valued at more than 2.65 trillion ringgit. It provides security and financial protection to its 24 million members.