Bangkok: In a surprising announcement during the final stages of the election campaign, the Pheu Thai Party revealed its ambitious policy to completely overhaul Thailand's social security system within three months. Pongkavin Chulrungruangkit, the deputy leader of the Pheu Thai Party, provided a detailed implementation plan aimed at building confidence among insured individuals.
According to Thai News Agency, a significant part of the reform involves replacing the chairman of the Social Security Board, who is traditionally the Permanent Secretary of the Ministry of Labour. The party argues that managing a large fund of 2.88 trillion baht requires someone with expertise in direct investment to ensure optimal returns for insured individuals. They also aim to bridge a return gap of over 80 billion baht, as current returns are only 70-80 billion baht per year, significantly lower than similar funds abroad.
The Pheu Thai Party plans to adjust the investment portfolio by eliminating high-risk, off-market investments and focusing instead on stable, internationally recognized assets. This includes investing in stocks in the US market, which offer better guarantees and clearer trends. Additionally, the party intends to restructure the investment subcommittee to include qualified professionals rather than relying predominantly on government representatives.
Beyond the social security overhaul, Mr. Pongkavin highlighted other key policies that are ready for immediate implementation. The Retirement Lottery aims to encourage people to save for the future by leveraging their lottery playing habits. Meanwhile, an AMC system for debt relief seeks to help insured individuals manage their debts without being blacklisted. Lastly, the 9 Millionaire policy encourages citizens to purchase goods from domestic, tax-registered stores to stimulate the Thai economy.
The Pheu Thai Party's initiative is not just about structural changes; it is also about shifting from a bureaucratic mindset to a professional approach, ensuring that every baht of insured individuals' money is effectively leveraged for growth and welfare improvement in a short period.