Board kept informed about a particular project.
PUBLISHED: 27 Mar 2025 at 08: 10
Following the purchase of a building allegedly for an inflated price, the Social Security Board ( SSB ) will establish a task force to review previous Social Security Fund ( SSF ) investments.
The panel, which includes both employers and employees who contribute to the fund, discussed subsequent controversy involving the office’s budget management and investments at its Tuesday meeting.
A task force was established at the table meeting to study the fund’s investment history.
Opposition MP Rukchanok Srinork made the decision after the fund discovered abnormalities in the bank’s purchase of SKYY9, a building in Bangkok, supposedly for an inflated price in the name of a particular politician.
According to Montree Tirakothai, an SSB part representing companies, “in the past, neither the SSB nor the investment committee was involved in investment selections.”
The table is just informed about basic investment categories, such as domestic or international investments, he said.
The committee is aware of investment returns, but it is unaware of any particular project details or costs, according to Mr. Montree.
He said,” We would be asking if there ever was another investment like the purchase of SKYY9 in the past.”
Prior to the total SSB conference on April 10, the task force’s preliminary inquiry with the SSF’s expense department is scheduled for April 8.
Phiphat Ratchakitprakarn, the SSF’s secretary of labor, refuted rumors that it was having financial difficulties.
He claimed that the SSF’s investment returns increased from 3.1 % in 2023 to 5.3 % last year, which was the intended target.
He claimed it was difficult to keep a 5 % return on average for the next three decades, but it would also extend SSF’s life by 55 years.
He claimed that because he is also working with international researchers to find ways to keep the SSF running for 12 years, it might also be running on a 6 trillion ringgit budget.
The SSF and the professionals of the labor minister “would not abuse the insured’s money.”
Instead, he said,” We will look after it and increase revenue to increase perks like paying for medical expenses and increasing retiree retirement,” he said.