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 representative of the Democratic Social Security Team, stated after the screen meeting that he would apologize for failing to persuade the SSF Board to acknowledge the organization’s proposal, but that he would continue his efforts at the upcoming conference in March.
He claimed that this will affect more than 300, 000 Part 39 insured people who were previously employed before continuing to contribute through SSF efforts.
He claimed that the new income estimate will be adapted based on changes in prices and changes in the cost of living.
For instance, the percentage that was originally 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, according to the study group, but this will 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 preapproved the analysis method in October and presented it to the SSF yesterday.
He added that because the new solution will include more contributions from both sides, it won’t have an impact on the right of employers and employees under Part 33.
According to him, the quality of the conference was to instruct the group to update the formula and resubmit it to 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 likewise demanded that the case be kept open and transparent, and urged the people to follow suit.
The SSF is the nation’s largest people finance, with a current value of over 2.65 trillion ringgit. It provides security and financial protection to its 24 million members.