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Minimum 60 months retirement benefits


A NEW GUIDELINE approved by the Social Security Office yesterday has proposed a minimum of five years’, or 60 months, old-age benefits for members of the social security scheme.

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If they die within five years of retirement the balance amount will be paid to his or her family. 
The guaranteed minimum amount will rise sharply from just 10 times the monthly amount at present, once the ministerial regulation endorsing the new guideline takes effect.
“The SSO board has already approved the new guideline,” SSO secretary-general Dr Suradej Walee-ittikul disclosed yesterday. Members of the social security scheme are entitled to receive old-age benefits every month after retirement. The amount of financial benefit varies, depending on the monthly contributions each member makes to the social security fund during their working years and also the duration of the contributions. Presently, more than 120,000 elderly Thais claim old-age benefits from the social security scheme. 
Suradej said the SSO board had resolved to increase the guaranteed minimum amount of old-age benefit to boost the morale of social-security members. 
“If they die before they get 60 months of old-age benefits, the money shall be paid to their designated heirs,” Suradej said. 
He said the SSO would soon prepare the proposed amendment to the ministerial regulation governing the old-age benefits. 
He said retirees who are members of the social security scheme and their heirs can check their rights and benefits via SSO centre’s hotline 1506 round the clock. 

Published : April 27, 2018

By : THE NATION