Permanent finance secretary Prasong Poontaneat wants 2 million people in the National Savings Fund (NSF) in the near future following campaigns to lure new members.
Membership is 700,000 at the moment and is expected to reach 1 million by year-end following campaigns to attract informal workers, he said.
The NSF, which was set up in August 2015, is a retirement safety net for self-employed workers who are not covered by a pension fund, social security or provident fund. People aged 15-60 are eligible to apply for membership.
The fund has failed to increase membership to 1 million in recent years, largely because of low matching contributions from contributors and the government. The NSF recently allowed state enterprise officials who are not provident fund members as well as informal workers to join, and widened application channels through websites and 7-Eleven convenience stores.
The structure requires voluntary pension fund members to make a minimum contribution of 50 baht a month, up to a maximum of 13,200 baht a year. The government makes a matching contribution of up to 50% of whatever those aged 15-30 choose to pay, up to 600 baht a year.
For those aged 31-50, the government will match up to 80% of their contributions, up to 960 baht a year. Those over 50 can have their contribution fully matched by the state up to 1,200 baht a year.
Mr Prasong said the government is ready to provide higher contributions to the NSF if membership rises as the fund helps support an ageing society in retirement. The government contributes less than 1 billion baht a year to the NSF.
Voluntary pension fund calculations found those who start contributing to the fund at 50 and continue until 60 are entitled to a monthly pension of 840 baht until death. The calculation is based on a member's contribution of 13,200 baht a year.
