The National Savings Fund (NSF) plans to amend the law to lift the ceiling contribution for some members to 30,000 baht a year from 13,200. The move is intended to raise the level of potential savings so members can live more comfortably in retirement.
The current maximum contribution was set at a relatively low level, as the Finance Ministry was concerned that some people might use the channel to launder money, said permanent finance secretary Somchai Sujjapongse.
The current 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.
That amount is matched either fully or in part by the government, up to a prescribed limit.
The government makes a matching contribution worth up to 50% of savings but not more than 600 baht a year for workers aged 15-30; up to 80% but not more than 960 baht a year for workers aged 31-50; and up to 100% but not more than 1,200 baht a year for those over 50.
The NSF, which was established in August 2015, is a retirement safety net for 25 million self-employed workers not covered by a pension fund, social security or a provident fund.
People aged 15-60 are eligible to apply for membership.
The NSF also plans to seek approval to raise the ceiling for the government's matching contribution to 1,500 baht a year for each member regardless of their age.
The NSF currently has 520,000 members, a figure the government aims to increase to 1 million by year-end.
Farmers accounted for 54.9% of the voluntary pension fund's members; merchants make up 10.9%; members who did not state their occupation come to 10.6%; and freelancers, students and temporary workers account for the rest.
In a related development, the Finance Ministry has proposed widening channels for members to submit their contributions to the fund through the Bank for Agriculture and Agricultural Cooperatives, the Government Savings Bank, Krungthai Bank, GH Bank and provincial treasuries.
The move is intended help members better participate in the scheme regardless of where they live in Thailand.
