The Government Pension Fund (GPF) has allocated a budget of 25.5 billion baht for over 18,000 public sector personnel who will retire in the 2025 fiscal year.
GPF Secretary-General Songpol Chevapanyaroj told the media this week that the budget is divided into accumulated savings of the retirees (deducted from their monthly salaries), additional amounts contributed by the state and returns on GPF investments, for which they are eligible proportional to their years of membership.
Songpol said this year’s 18,174 civil servants set to retire on September 30 are all entitled to receive the funds directly from GPF, which will be transferred to their individual bank accounts within seven working days their official retirement taking effect.
Songpol suggested, however, that the retirees continue to be part of GPF investment plans for their post-retirement savings and returns, offering longer term financial security, which will also save them from scams. They can contact the GPF for more information via its service center on 1179.
According to the secretary-general, nearly 8,000 members, who have opted to be co-investors under the GPF umbrella, have each gained about a 4% average annual return over the past three years.
The GPF now has 1.27 million members, comprised of personnel from the civil service, the military, the judicial and even the royal service sectors, stated the Songpol.
