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Published on January 26, 2008

In 2014, the SSO will spend about Bt11 billion to pay the first batch of 6,278 elderly contributors who are eligible for the monthly pension - which is paid for the rest of their lives - and 150,369 who are entitled to a block-grant (lump sum) pension, he said. Surin said that besides the rate hike, the SSO would increase the contribution to the old-age pension from 1 to 1.5 per cent for every year.

Three parties contribute to the SSO fund - the government, employees and employers.

If a worker has a salary of Bt10,000 and pays 3 per cent - or Bt300 - to the SSO pension fund and their employer contributes another Bt300, after 15 years of contributions the worker would receive Bt1,500 per month (1.5 per cent x Bt10,000).

SSO contributors entitled to this pension must have contributed to the fund for more than 15 years, be aged over 55 and have retired.

SSO deputy spokesman Win Phromphaet said the office was studying ways to provide medical coverage for retirees, whose right to use the SSO's medical cover ends when they retire, possibly by having them enter the government's universal health scheme.

The Nation