Bangkok: The Pheu Thai Party has unveiled a comprehensive plan to "overhaul the Social Security Fund," aiming to address structural inefficiencies in the management of the country's 2.8 trillion baht fund. Dr. Prommin Lertsuriydet, a member of the party's policy working group, joined deputy party leaders Mr. Paophum Rojanasakul and Mr. Pongkavin Chulrungruangkit at a press conference to announce the initiative.

According to Thai News Agency, Mr. Pongkavin highlighted the urgency of engaging directly with the over 25 million insured individuals. He pointed out that the Social Security Fund yields an average annual return of 2.8%, which is considerably lower than the Government Pension Fund (GPF). This situation poses a risk as it fails to keep up with inflation and the rising cost of living, potentially leading to missed economic opportunities for the insured population.

The restructuring of the Social Security Board was a focal point of the former Minister of Labour's tenure. He criticized the current board structure, which is chaired by the Permanent Secretary of the Ministry of Labour, for lacking independence and financial expertise. Mr. Pongkavin advocates for a board that includes elected members and financial experts to improve fund management.

Mr. Pongkavin suggested that with professional oversight, the fund could generate returns exceeding 100 billion baht per year. He reiterated that the fund belongs to the insured individuals and should not be managed by those lacking in necessary financial acumen.

Addressing concerns about fund mismanagement, Mr. Pongkavin clarified that during his tenure, funds were not misallocated for purposes such as cafeteria renovations. He argued that such expenses should be covered by the Ministry of Labour's budget instead.

Looking forward, the Pheu Thai Party plans to explore management systems akin to the GPF, which offers various investment plans with average returns between 4-9% per year. The party aims to restructure the fund's management to better serve insured individuals and enhance both efficiency and sustainability.

Dr. Prommin emphasized the ongoing challenge of disparities between the social security system and the universal health coverage system, particularly in terms of medical costs. He stressed that the government must ensure fair and equitable treatment for all citizens, aligning benefits to provide equal care.