Bangkok: The People's Movement has unveiled a proposed draft law aimed at reforming the Thai social security system, with a focus on enhancing transparency and ensuring the sustainability of the workers' fund.

According to Thai News Agency, the proposal, released via the People's Party's Facebook page, outlines reforms across four key areas, aiming to address the structural challenges facing the Social Security Fund. Over 24 million workers contribute to this fund, which risks bankruptcy within the next two to three decades if no changes are made.

The draft amendment to the Social Security Act, submitted on Labor Day, seeks to transform the fund into a more reliable support system for workers, emphasizing the principle of "sharing both hardship and happiness." The first area of reform focuses on transparency, advocating for a shift from a closed to an open system where insured persons can verify fund management. This includes disclosing the fund's investment portfolio, committee meeting resolutions, and ensuring all expenditures are transparent and verifiable.

The second area highlights the need for professional management by transitioning the Social Security Office from a bureaucratic system to an independent legal entity. This change aims to provide administrative flexibility and attract professional personnel, allowing the fund to achieve investment levels comparable to world-class funds.

The third reform area addresses the structure of the Social Security Board, proposing a composition that reflects the contribution ratio among the government, employers, and insured persons. The proposal suggests restructuring the board to include a maximum of 13 representatives, with appointments and elections reflecting the contribution amounts of each party.

Lastly, the People's Party emphasizes the sustainability of the fund by proposing periodic adjustments to the maximum salary threshold for contributions, improvements in benefits and compensation with government guarantees, and the expansion of the insured base to include all workers.

The People's Movement is calling on insured persons and the public to participate in submitting the draft Social Security Act at the Parliament building on May 1st, marking a significant step towards reclaiming social security for everyone.