Cabinet approves plan to set up national pension fund
The cabinet has agreed to set up a national pension fund that would force employees out of provident funds and cut the public budget.
The move is being taken because Thailand is becoming an ageing society — it is estimated that the country will have a million more elderly people each year from 2023.
Deputy government spokesman Rachada Dhnadirek said the cabinet on Tuesday approved in principle the idea of setting up a national pension fund which would require all formal employees who are not members of the provident funds, including employees of government agencies and state enterprises, to save money.
Bangkok Post Reporter
