On May 31, 2024, the Labour Minister, Mr. Phiphat Ratchakitprakarn, chaired the meeting to create awareness and listen to comments on social security work in the “SSO Sustainable for All Because the Social Security Fund Belongs to All of Us” event. The Secretariat to the Labour Minister, Mr. Aree Krainara, from the Prime Minister’s Secretariat’s Office, Mr. Phuchong Worasri, the Ministry of Labour’s Spokesperson, Mr. Phumiphat Mueanchan, the Permanent Secretary of Labour, Mr. Pairoj Chotikasathien, Chairman of the Labour Commission, Mr. Saritphong Khueang, the Ministry of Labour’s executives, representatives from the Federation of Thai Industries, the Thai Chamber of Commerce, the political sector, including Move Forward, Pheu Thai, Bhumjaithai, Palang Pracharat and qualified academics joined in honour and gave a welcome at the Ministry of Labour’s meeting room, 5th floor, Ministry of Labour.
The Labour Minister, Mr. Phiphat Ratchakitprakarn, said to the media that he had previously explained in the House of Representatives on March 7, 2024, that “I am not a hero, and I don’t accept being the villain to cause the Social Security Fund to go bankrupt.” This is the reason for driving the “SSO Sustainable for All Because the Social Security Fund Belongs to All of Us” event, with the objective of creating awareness about social security work. It also gives opportunities to meeting attendees, which is approximately 150 people, to join in brainstorming sessions, to share opinions and suggestions from the political sector, employers, employee council, and academics on the topic of principles of social security fund administration, increasing access to and efficiency of medical services in the pension fund system, creating fund stability in terms of investment returns, upgrading the current social security system to be consistent with economic and social conditions for employers, and insured persons. The meeting presented examples of social security from various countries as well to create sustainability of the Social Security Fund, which will not only affect workers but will also affect and reflect the structure and conditions of society, including Thailand’s economy.
In the meeting, Mr. Phiphat answered the question, “Will the Social Security Fund be bankrupt in the next 30 years?” He said, “We cannot deny that this will happen if we do nothing. The results of the actuarial valuation by the Social Security Office in collaboration with International Labour Organization experts indicate that more insured persons will retire. There will be more pensioners accumulated, which will cause pension expenses to continually increase.” Mr. Phiphat further explained that the Ministry of Labour and the Social Security Office have studied examples of ways to reform the Social Security Fund to be sustainable, such as adjusting the wage ceiling to increase benefits for insured persons, increasing both income and expenses of the fund, increasing foreign insured persons, and increasing the number of short-term insured persons. It is an expansion of protection to cover even more workers in the country, increasing investment returns. Gradually raising the retirement age from 55 to 65 years over a period of 50 years will reduce costs due to a shorter pension payment period and increase the contribution rate to the Old Age Fund. For all of the above guidelines, it is necessary to receive opinions from all stakeholders to help determine a common direction. It will also be very beneficial to work for the people because all stakeholders are important forces in designing sustainable social security together.
The Labour Minister, Mr. Phiphat Ratchakitprakarn, said that he believed the efforts would create well-being for all workers and strengthen the social security system to be sustainable and in a better way for the country.
