An urgent challenge - THAILAND REPORT - Magazine | Asia Asset Management
Published: April 3, 2024
Sukhumvit Soi 58 food market is a haven for Thai cuisine in Bangkok that draws many food bloggers. There are more than 20 stalls, each offering authen...
Source: asiaasset.com
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Krung Thep MahanakhonSukhumvit SoiSukhumvit Soi 58 Food Market Isa Haven For Thai Cuisine In Bangkok That Draws Many Bloggers There Are More Than 20 StallsAch Offering Authentic Thai Food It Amp Rsquos Likea One Stop Centre For Anda Popular Destination Locals And Tourists Alike Thailand Pension System Is Like The Market In Some WaysIth Many Different Types Of Schemes Supervised By Authorities There Is The Social Security Fund Ssf Hich Provides Pension And Social Security Protection To Private Sector Employees The Self Employed It Falls Under Labour Ministry Then There Is Thailand Government Fund Gpf Hich Manages Retirement Savings For Civil ServantsNd Falls Under The Purview Of Finance MinistryHich Also Supervises The National Savings Fund Nsf A Voluntary Pension Scheme For All Thai NationalsN Top Of ThatArge Private And State Owned Organisations Such As The Provincial Electricity Authority Have Set Up Their Own Retirement Funds For Employees But Whilea Market Offeringa Variety Of Food Is GoodHe Same Cannot Be Said Ofa Pension System With Multiple Schemes For OneHere Is No Economies Of ScaleHich May Mean Higher Costs And Lead To Lost Investment Opportunities For AnotherAving Different Entities Overseeing Retirement Funds Is Unnecessarily Complicating For The Pension System Amp Ldquo When You Look At Thailand Rsquos SchemesE Have Everything We The Basic PillarPillar TwoNd So Forth We Cover All StakeholdersMp Rdquo Srikanya YathipHe Then Secretary General Of The GpfBserved Duringa Panel Discussion Organised By Asia Asset Management Last October Longer Life Expectancy There Are Three Pillars Ina Pension System The First Pillar Is Intended To Providea Safety Net For Elderly It Typicallya MandatoryUblicly Run Pay As You Go Defined Benefit Scheme That Is Financed Through Social Security Contributions Of Employees In ThailandLl Senior Citizens Get An Old Age Allowance Of 600 Baht Us 16 50a Month Ssf Members Receivea Monthly Pension Once They Retire Provided Have Contributed For At Least 180 Months The Second Pillar Is Designed To Supplement Benefits First Througha Fully Funded Defined Contribution Scheme And Third Comprise Private Retirement Savings OptionsIth Public Involvement Limited To Regulation Ensure Investor Protection Amp Ldquo But The Problem Is That Different Pension Schemes In Thailand Belong Ministries We Havea Lot Of Working On 
