SSF ‘could go bankrupt in 30-40 years’

New board calls for urgent changes

SSF 'could go bankrupt in 30-40 years'
Phiphat: ‘Something must be done’

The Social Security Fund (SSF) could collapse in the next 30-40 years, the Labour Ministry has warned.

On Monday, the newly formed Social Security Board (SSB) led by Sustarum Thammaboosadee, an academic from Thammasat University, met with Labour Ministry officials to exchange ideas and push for a more effective social security policy.

Labour Minister Phiphat Ratchakitprakarn said that the Social Security Fund could go bankrupt in the next 30-40 years if nothing changes.

Mr Phiphat said the SSB may need to raise the fund collection ceiling from 15,000 baht to 20,000 baht and raise the maximum age of employees who contribute to the fund from 55 to 60.

He also suggested that the board raise the ceiling for low-risk asset investments from 60% to 75%.

Meanwhile, higher-risk assets to be invested must have an investment grade of BBB and above.

Mr Phiphat said the Social Security Fund has so far accumulated an estimated 200 billion baht, collecting around 70 billion baht per year.

“When the fund reaches its peak, which is estimated to be in the near future, the SSF graph might rapidly drop and fall in a “V” shape. So, planning in advance is necessary,” he said.

Last year, the SSF made a 59-billion-baht profit from 2.34 trillion baht in investments, he added.

He said investment must be boosted from 2.4% to 5% to increase revenue to 120 billion baht.

“The SSF’s new investment projects must not generate a profit of less than 5% or at least 4% during this and next year,” he said.

Depositing in foreign banks also holds an exchange rate risk, he added.

He also urged the new board to discuss what privileges it wants to add for fund members — company employees under Section 33, former employees under Section 39, or independent workers under Section 40.

Meanwhile, the country’s first-elected SSB has pledged transparency in the Social Security Fund’s administration, including promoting live broadcasts of meetings and cutting costs.

SSB spokeswoman Ketnakorn Pojanavorapong said that all meetings of the SSF committee must be broadcast, and the public should be allowed to access information about previous meetings.

She also pointed to what she said was a flaw in the social security law drafted by the Prayut government, saying it was proposed when the SSF was supervised by a selected panel. “We, as the first-elected social security committee, hope this will be the start of change that will see a better quality of life for all people,” she said.

Continue Reading

Committee rejects navy’s ship appeal

A special House committee tasked with vetting the 2024 expenditure has dismissed the military’s charm against its decision to reject the military’s ask for a budget to fund the purchase of a new ship, according to a resource yesterday.

The House council rejected the charm by 37 vote, while 16 voted in behalf, with six nays.

However, the army did send another demand in the next fiscal season, the source said.

The announcement comes a time after Royal Thai Navy captain Adm Adoong Pan- devops appealed the subcommittee’s refusal, saying in a text that a fresh ship is needed to boost the nation’s maritime defences.

In the email, Adm Adoong said a new ship is vital to the navy’s primary mission of maintaining the country’s geographical sovereignty, especially since the navy is planning to dismantle its latest frigates over the next couple of years.

According to a military source, HTMS Chao Phraya and HTMS Bang Pakong may be decommissioned in 2026, while HTMS Naresuan may pursue in 2034 and HTMS Taksin in 2035.

The army had before asked for 17 billion ringgit from the 2024 budget to fund its submarine sourcing plan, which it planned to apply over the next five times. About 1.7 billion ringgit would be spent in the first year.

The new ship may be deployed along the Andaman Coast, the supply said.

Continue Reading

Phuket officials want beach bully’s visa revoked

Immigration authorities asked to deal firmly with Swiss man at centre of assault case

Phuket officials want beach bully’s visa revoked
Swiss national Urs “David” Fehr and his wife Khanuengnit attend a meeting with officials and police at the Phuket provincial hall on Friday to give their side of the story about an incident in which Mr Fehr was accused of kicking a woman he mistakenly thought was trespassing on his property. (Photo: Achadthaya Chuenniran)

PHUKET: Provincial authorities have asked immigration police to revoke the visa of a Swiss national accused of assaulting a woman he mistakenly thought was trespassing on his property.

Deputy governor Satthra Thongkham, currently serving as acting governor of the island province, sent an urgent letter on Tuesday to the Phuket immigration chief, asking him to consider revoking the visa of Urs Fehr.

Mr Fehr has become notorious since video emerged of him appearing to kick a woman while she and her friend sat stargazing on steps near Yamu beach in front of the luxury villa he rented. He thought the pair were trespassing but authorities later determined the steps were on public land. They were demolished on Tuesday.

Thandao Chandam, 26, a doctor at Dibuk Hospital in Phuket, subsequently filed an assault complaint against Mr Fehr, who has denied the charge. He and his wife made a public apology for their actions but they continue to be the targets of a torrent of criticism.

According to the letter drafted by Mr Satthra and his colleagues, provincial authorities have concluded that the Swiss man posed a danger to society or could cause harm affecting the peace and order of the people, judging from his behaviour.

The deputy governor on Tuesday chaired a meeting of a subcommittee called to scrutinise the behaviour of foreign nationals living on the popular tourist island.

Mr Srattha said officials had compiled evidence to forward to the Phuket immigration office to revoke Mr Fehr’s visa, which is set to expire on March 13.

However, he could be granted an extension to remain in the country until his court case is dealt with, after which Immigration would review his visa status again, according to Adul Chuthong, another Phuket deputy governor.

Mr Srattha said authorities have asked Phuket police to speed up their investigations into the assault case and another weapons law violation reportedly involving the Swiss man.

Authorities are also looking into Mr Fehr’s business activities, including an elephant sanctuary that he runs. Inspectors from the provincial livestock office have already checked on the 15 elephants there and found all the related paperwork is in order.

Mr Srattha said his committee would hold another meeting on Thursday to follow up on the progress of the case.

Phuket deputy governor Satthra Thongkham chairs a meeting held to discuss the controversy surrounding a Swiss businessman facing an assault charge after an incident near his rented beachside villa. (Photo: Achadthaya Chuenniran)

Continue Reading

Srettha’s remarks on Taylor Swift not meant to be criticism of Singapore: Thai government spokesman

A government spokesman said on Tuesday ( Mar. 5 ) that the prime minister’s remarks should not be interpreted as criticism or an expression of jealousy toward Singapore after Thai Prime Minister Srettha Thavisin revealed last month that Singapore had brokenred an exclusive deal with Taylor Swift.

Thai Prime Minister’s Office spokesperson Chai Watcharong said Mr. Srettha had raised the subject of “admire and enhance Singapore” in a speech on Tuesday.

It’s really ambitious to give Taylor Swift bonuses. Taylor Swift was persuaded to perform entirely in Singapore, which was successful, according to Mr. Chai in Thai.

The remarks made by Mr. Srettha on February 15 at a company convention in Bangkok were the first to suggest that financial opportunities had been provided to ensure Swift’s success elsewhere in Southeast Asia. He claimed at the time that AEG, the musical administrator, had informed him that the Singapore authorities had offered US$ 2 million to US$ 3 million per present in exchange for luxury, which CNA believes is closer to the total amount spent for all six displays, not just for each.

Later, a lawmaker in the Philippines expressed unhappiness about Singapore’s agreement and reportedly said,” This is n’t what good neighbors do,” which led to media reports that focused on the alleged unhappiness over Singapore’s actions.

Singapore Prime Minister Lee Hsien Loong before on Tuesday stated to reporters in Melbourne that he did not believe for a deal would be “unfriendly” to neighboring and neighboring nations.

When asked if the agreement had undermined the spirit of cooperation in the Association of Southeast Asian Nations ( ASEAN), Mr. Lee responded,” Our agencies negotiated an arrangement with her to come to Singapore and perform, and to make Singapore her only stop in Southeast Asia.”

It has turned out to be a very fruitful structure.

Continue Reading

Thaksin wants to visit hometown Chiang Mai, but not yet

No programs or travel dates, according to Paetongtarn’s child.

Thaksin wants to visit hometown Chiang Mai, but not yet
At Don Mueang Airport on August 22, 2023, former prime minister Thaksin Shinawatra greets and smiles his supporters ( Photo: Pattarapong Chatpattarasill ).

According to his youngest daughter Paetongtarn, former prime minister Thaksin Shinawatra, who is currently residing at his Bangkok house after being released on parole, wants to travel to his home of Chiang Mai, but no journey arrangements have been made.

The head of the Pheu Thai Party responded to rumors that Thaksin had already scheduled a vacation for the middle of March.

According to Ms. Paetongtarn, her father had a desire to travel there for some time, but he had not yet confirmed when he would actually be going it. &nbsp,

No particular itinerary has been devised at this time. He stated that he would like to visit the graves of his predecessors. She said,” And his elder sister died while he was abroad, and he has not been able to pay tribute to her until today.” &nbsp, &nbsp,

On March 21, 2009, Yaowaluck Shinawatra, or Khlongkhamnuankarn ( her father’s family name ), Thaksin’s eldest girl, passed away from liver and diabetes.

She said that she was anxious for them to match Thaksin, as well, but that they would have to wait until Thaksin, himself, would make that decision. &nbsp,

The Shinawatra community had already congratulated her sister and criminal former prime minister Yingluck Shinawatra on her conviction by the Supreme Court on Monday in the case involving the award of a 240 million baht&nbsp commitment to encourage her administration’s 2 trillion ringgit infrastructure projects, she claimed.

Despite speculation that she had already set a time for her returning to Thailand following Monday’s conviction, Ms. Paetongtarn said, Yingluck had not yet discussed with the home any plans for her return, Ms. Paetongtarn said.

Yingluck claimed that she was in charge of her own interests and that she had not discussed plans to travel back to Thailand.

Thaksin fled the country in 2008 immediately before the Supreme Court sentenced him to jail for abusing his position of authority in relation to his then-wife’s order of state property. Soon before the judge sentenced her to five years in prison for ignoring problem in her administration’s first rice-pledging system, Yingluck fled in 2017.

Justice Minister Tawee Sodsong claimed that Yingluck had never requested royal mercy, which she could send directly to the Ministry of Justice.

Nevertheless, Commerce Minister and Deputy Prime Minister Phumtham Wechayachai expressed his moral support for Yingluck and wished that she would return home very quickly.

Chairman of the Progressive Movement Thanathorn Juangroongruangkit once more stated his opinion that both Yingluck and Thaksin were subjects of military coups that resulted in their facing legal fees, which he finds wrong.

On the other hand, former red-shirt movement leader Jatuporn Promphan asserted that he personally believed Yingluck would n’t come back while Srettha Thavisin is still prime minister, noting that Thaksin’s return was made while former prime minister Prayut Chan-o-cha was in power. He had never anticipated Mr. Srettha’s election as prime minister.

Continue Reading

Warning: It’s heat stroke weather

Warning: It's heat stroke weather
Last Friday, this small coach traveled through a grain field in Pathum Thani state, protecting both the drivers and the passenger from the sunlight. ( Photo: Pattarapong Chatpattarasill )

The temperature office issues a warning that “feels like” temperatures of around 50 degrees Fahrenheit are a real danger in the current temperate climate.

The Meteorological Department reported that on Tuesday, temperature reached a high of 50.6°C in Trat, 48.1°C&nbsp, in Bangkok, 42.5°C in Krabi, 39.9°C in Tak, and 38.7°C in Nakhon Ratchasima.

According to the Met Office, on Wednesday it seems like temperature will achieve 51.4°C in Chon Buri, 48.3°C in Phuket, 48.1°C in Bangkok, 39.6°C in Tak, and 39.4°C in Buri Ram.

People feel hotter than they actually are because their bodies do not great when they sweat, according to the office.

The Department of Health warned that such great conditions, particularly among those who spend a lot of time outside, could lead to heat exhaustion and even temperature strokes.

For standard record-keeping functions, temperatures are recorded in the shade. In Mae Sot in Tak on April 15, 2013, the highest recorded temperature in Thailand was 45.4°C, &nbsp. On April 28, 2016, it set a record of 44.6°C in the Muang city of Mae Hong Son.

Continue Reading

Singaporean who helped foreigner buy restricted property worth over S million gets jail

A Singaporean man was given a jail sentence on Tuesday ( Mar 5 ) for assisting a foreigner in purchasing more than$ 6 million ( US$ 4.5 million ) worth of restricted property.

Tan Hui Meng, a 57-year-old undischarged bankrupt, received a two-year, three-month, and three-week sentence and a$ 3,000 fine.

He has the right to file an appeal against his word and faith.

He contested his accusations, but he was found guilty of eight counts of breaking the Residential Property Act, Oaths and Declarations Act, Land Titles Act, and Housing and Development Act.

The charges involve funding the purchase of three landed homes along East Coast Road, as well as providing false information or statements to various government regarding the houses ‘ ownership.

In either his capacity as the chairman of Hwampoa, a geographically designed company, Tan had purchased two of the houses. Nevertheless, he purchased the properties with the intention of holding them in trust for his associate, Zhan Guotuan, a Chinese business.

Additionally, Tan even gave Guan Aimei, another Singaporean who is a co-accused in the case, the order to purchase the next home for Zhan.

Foreign nationals may obtain owner’s permission to own the three houses in accordance with the Residential Property Act.

Zhan intended to build a property in their area along the bend of East Coast Road where the three components are located. According to the trial, this is comparable to what was done in earlier jobs by his businesses.

According to the prosecution, Zhan owned shares in about 100 businesses in China, as well as those in Indonesia, Laos, and Thailand. He was also a successful business.

His annual salary at the time of the crimes, which occurred in 2007 and 2008, was about S$ 7 million.

Through the Global Investor Program of the Economic Development Board, Zhan committed to engage about S$ 1.5 million in Singapore along with his two sons when he applied for permanent residency there.

He and Tan met in Singapore in 2003 or 2004, and they both became residents of Singapore in 2003 or 2004.

Tan worked as a business director, accountant, and auditor professionally at the time. Tan helped Tan with his opportunities because he was acquainted with Singapore’s laws.

Tan eventually assisted Zhan in starting some businesses, but he was given the reins to oversee the financial facets of the businesses because Zhan’s main office was located far outside of Singapore.

Zhan specialized in real estate development. He may use his businesses to purchase landed properties in Singapore, tear down the buildings, construct small-scale condominiums on the property, and buy the units at the new developments.

Tan assisted him in starting the home development firm Alphaland and Xin An, the major contractors for the advancements.

In three reconstruction jobs, Rosyth Residence, Tembeling Court, and Ceylon Residence, this business strategy was properly implemented. For a profit, the units were sold.

Tan argued at trial that he had bought the three East Coast Road components for himself.

He asserted that the decision to purchase seven products at East Coast Road was his own.

Continue Reading

Singapore to spend extra S billion on safer streets and improving first- and last-mile connectivity

Best Communication, SAFER STREETS,

Areas with Friendly Street designations have a high commuter movement and are near to important features. According to LTA, which introduced the initiative in 2023, they will have widened roads, new barrier-free crossings with concern given to pedestrians, and” calmer automotive traffic” achieved through road solutions and colors. &nbsp,

LTA has begun work in Ang Mo Kio, Bukit Batok West, and Tampines out of the five aircraft areas with these features, with Toa Payoh and West Coast joining them in the coming month.

After that, 10 more municipalities are anticipated to undergo transformation. These are Bedok, Buangkok, Bukit Panjang, Choa Chu Kang, Holland/Buona Vista, Jurong East, Pek Kio, Punggol, Sembawang, and Tiong Bahru/Havelock. &nbsp,

According to Dr. Khor, LTA will work closely with these towns ‘ citizens to utilize features that are needed. &nbsp, &nbsp,

Regulators will also apply and enhance senior-friendly features at more van stops, such as extra seats with arm and back rests, and maintain chair accessibility.

Additionally, more covered linkways will be built to connect MRT facilities to more urban areas, notably those that are 800 meters away from Friendly Streets and other important facilities. &nbsp,

More pedestrian-friendly overhead bridges may be retrofitted with lifts to offer barrier-free access, especially those that are close to public transportation hubs and healthcare facilities. There are now 87 of these pedestrian overpasses.

Continue Reading