The Finance Ministry is studying a plan to separate the retirement fund from the Social Security Fund and seek ways to more efficiently and flexibly promote the retirement fund, especially in terms of management, says Warotai Kosolpisitkul, an adviser to the Fiscal Policy Office.
Currently a committee under the Labour Ministry oversees the Social Security Fund.
Mr Warotai said the retirement fund might be moved to and then managed by the Finance Ministry.
He said there are concerns over the next 15 years payments from the Social Security Fund to retiree members would surpass existing members' contributions to the fund. This would affect the retirement fund.
The retirement fund is paid on a monthly basis to retirees, aged 55 and above, who have been with the Social Security Fund for 15 years or more.
The cabinet endorsed a draft to set up a national pension fund policy committee, which is under scrutiny by the Council of State.
The panel, to be chaired by the prime minister, oversees all retirement funds, which are placed under the management of different state organisations.
The committee sets out related policies, a master plan and directions for the development of the retirement fund system to cover all retirees. The draft also calls for promotion and coordination among state agencies involved in the management of these different retirement funds.
The Finance Ministry targets retirees having monthly income of at least 50% of their monthly income during employment.
As of the first quarter of 2021, the Social Security Fund had 16.5 million members and total cash of 2.32 trillion baht.
