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 take the organization’s proposal, but that he would continue his efforts at the upcoming conference 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 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, but the study team determined that this would not have an impact on the fund’s sustainability. 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 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 meeting’s solution was to instruct the group to amend the formula and re-present 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 also demanded that the event be kept open and transparent, and urged the people to follow suit.
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.