PUBLISHED: 21 Apr 2024 at 06 :51
Phiphat Ratchakitprakarn, the secretary of labor, intends to increase the Social Security Fund’s success by funding investments in foreign private companies, including Chinese ones. The goal is to have two. 7 trillion ringgit in income will grow by 5 % next month.
Mr. Phiphat claimed that during a trip to Japan’s SSO on April 5 and 13 to talk about ways to raise the SSO’s fund’s income from 2 to 3 to the minister’s and SSO secretary-general. 5 % to 5 % through investment in the East Asian country.
The leaders visited three organizations: Mitsubishi UFJ Financial Group, Japan’s biggest economic organization; Sumitomo Mitsui Trust Bank, a real estate purchase business; and Affirma Capital Managers Korea Limited, Japan’s leading tax-free buy.
According to Mr. Phiphat, these businesses have their own unique characteristics, but the most crucial factor is how to accomplish the legislation goal of raising the 2. 4 trillion-baht social protection firm’s profit to at least 5 %, or 120 billion rmb, per month.
The minister stated that the goal is to raise the fund’s profit each year to reinforce it as the population gets older.
He added that the fund’s investment is anticipated to increase from 2 to 3. 2 trillion ringgit in the last year. 6 trillion ringgit this year and 2 trillion baht 7 trillion ringgit next year and if the 5 % goal is accomplished, the bank will not encounter expected insolvency in 2054.
He stated that the research department at SSF will ponder whether to invest in Chinese businesses or elsewhere to protect the rights of employees in the social security system.
I’m in charge of finding a way to someday convert the department of labor to an economic department because the prime minister has given me the authority to oversee the ministry of labor.
” Most notably, the Social Security Fund of the people and staff under Sections 33, 39 and 40 may not experience insolvency”, said Mr Phiphat.