Labour organisations are expected to seek an amendment to the 1998 Labour Protection Act which sets the minimum monthly pension rate paid to retired workers at 5,000 baht, the Labour Ministry said yesterday.
This was one of 10 points listed on a petition which the groups are expected to submit to the government either on or before May 1, Labour Minister Pol Gen Adul Sangsingkeo said yesterday.
Pension rates currently vary according to how much each worker contributes to the Social Security Fund (SSF) and how long they have been making regular payments, which are often deducted from their monthly wage.
Another bone of contention included in the petition is a call to respect the rights of workers whose compulsory social security status ends as soon as they stop working.
They still have the right to apply as an insured person under Section 39 of the Social Security Act on a voluntary basis which allows them to contribute to the Social Security Fund, Pol Gen Adul said.
For this group of insured persons, the labour organisations want the state to pay them the monthly pension as retired workers are paid every month, he said.
Also, the labour organisations are expected to renew their call for the government to make the provident fund compulsory so that every employee can benefit from this retirement savings tool, said the minister.
At present, the provident fund is set up on a voluntary basis.
In related news, Suradej Waleeittikul, secretary-general of the Social Security Office (SSO), revealed that the investment of the SSF's 1.79 trillion baht turned a total profit of 13.3 billion baht in the first quarter of this year (Jan-March).
That was the outcome of investing 79% of the money in high-security assets and the rest in risk assets, which conforms to the agreed principle of investing in no more than 40% of the SSF's money in risk assets, he said.
