Thailand’s Cabinet approves draft amendment to Social Security Law, raising maximum insurance age to 65

China News Service, Bangkok, November 3 (Wang Qi, Li Yingmin) Padarasmi, deputy spokesperson of the Prime Minister's Office of Thailand, said on the 3rd that the Thai Cabinet approved the draft amendment to the "Social Security Law" submitted by the Ministry of Labor on the same day, which plans to increase the maximum insurance age for employees stipulated in Article 33 of the "Social Security Law" from 60 to 65 years old to adapt to the aging of the population and changes in the labor market.

In addition, child support allowances are planned to continue to be paid for 6 months after insured personnel leave their jobs; compensation for childbirth suspension will be adjusted accordingly to make it consistent with labor protection laws and regulations. For persons with disabilities not caused by work, the compensation rate for loss of income is planned to be increased from the original maximum 50% of wages to a maximum of 70%.

In terms of pension security, insured persons who have paid social security contributions for 180 months in total can choose to receive monthly pensions or one-time pension subsidies when they reach the age of 55 or their insured status is terminated. Insured persons who have paid cumulative contributions for no less than 60 months can apply to receive part of their pension insurance benefits in advance in the event of a disaster that seriously affects their lives, or they can use part of their pension insurance benefits as a guarantee for a loan from a financial institution that has signed a cooperation agreement with the Thai Social Security Office. The loan amount shall not exceed 30% of the pension insurance benefits and shall not exceed twice the maximum salary base.

The draft also proposes that retirees who have already received pensions but still want to receive social security such as medical care can re-apply for insurance and continue to enjoy protection against illness, disability and death. Among them, the government bears one-third of the payment, and insured persons bear two-thirds.

For some employer violations such as failure to fulfill reporting obligations as required, the draft intends to adjust the original criminal penalties to administrative fines.

Next, the draft will be submitted to the Congressional Coordination Committee for review and then to the House of Representatives for review. Currently, the amendment is still in the legislative process and the relevant adjustments have not yet officially taken effect.