Bangkok:The Cabinet has approved a draft amendment to the Social Security Act, introducing significant changes to benefits and extending the insured age limit to 65 years in response to an aging society.
According to Thai News Agency, Lieutenant Colonel Patthadarasmi Thongsalooykorn, Deputy Spokesperson for the Prime Minister's Office, announced the Cabinet's decision to approve the draft Social Security Act (Amendment No. ...) B.E. .... The amendment, proposed by the Ministry of Labour, aims to revise the law to better fit current circumstances, accommodate an aging society, and enhance protection for insured individuals. The existing Social Security Act of 1990 was deemed outdated and inconsistent with the present context.
The draft law increases the maximum age for employees insured under Section 33 from 60 to 65 and extends child allowance benefits for six months after leaving employment. It also adjusts maternity leave allowances to align with labor protection laws and increases disability compensation for non-work-related disabilities to up to 70% of wages.
Insured individuals who have contributed for 180 months can opt for an old-age pension or a lump-sum benefit at 55 or upon termination. Those with at least 60 months of contributions can request a partial pension before 55 in the event of severe natural disasters or use a portion of their pension as collateral for loans not exceeding 30% of their pension from financial institutions partnered with the Social Security Office.
Captain Patthadarasmi noted that the draft allows pensioners who have left employment to register as insured for continued protection, with the government contributing one part and the insured two parts for coverage of illness, disability, and death. Additionally, penalties for employer non-compliance have been amended from criminal to fines for greater fairness.
The Cabinet plans to draft 18 subordinate laws within 60 days of the law's enactment and will forward the drafts to the House of Representatives Coordination Committee for review before submission to the House of Representatives.