SSO offers more retirement savings options for the self-employed
Social Security Office (SSO) secretary-general Ananchai Uthaipattanacheep said on June 11th that the self-employed will have two options when choosing their benefit package to ensure increased savings when they reach 60.
The SSO has devised the benefit packages according to the Social Security Act’s Article 40 so that occasional workers and the self-employed can save more for their retirement, he said.
Mr. Ananchai said insured persons can choose to pay Bt100 per month and receive an additional Bt50 per month, or they can opt to contribute Bt300 per month and gain Bt150. From this scheme, they will be entitled to a maximum of Bt1,000 monthly savings for use in old age, meaning they will receive a benefit, comprising the amount they have paid, the government’s contribution money plus other benefits incurred from its investment after 60.
The SSO will pay out the savings, the government’s contribution together with all the accumulated benefits, in a lump sum on the condition that the insured person reaches 60, withdraws from social security membership or their policy is terminated by either party, he explained.
Insured people who choose to pay Bt300 per month for up to 180 months will receive an additional Bt10,000 elderly benefit from the package. If they contribute to their fund regularly and apply for elderly benefits and extend the length of their policy, it will further boost the amount of the retirement savings.
Those who wish to know more can contact the SSO 24-hour information service centre at hotline number 1506 or visit any SSO Bangkok or provincial branch or the website: www.sso.go.th.