Re­cent Amend­ments to the Prov­i­dent Fund Act B. E. 2530

Thai-American Business (T-AB) Magazine - - Legal Updates -

On May 14, 2015, the Na­tional Leg­isla­tive As­sem­bly ( NLA) made a fi­nal ap­proval of the draft amend­ment to the Prov­i­dent Fund Act B. E. 2530 ( 1987) ( the Act). The main pur­poses of the draft amend­ments are to sup­port and pro­mote long- term sav­ings by em­ploy- ees through the use of prov­i­dent fund. Changes to the act in­clude a stip­u­la­tion that em­ploy­ers must match employees’ con­tri­bu­tions to the prov­i­dent fund, re­moval of the stip­u­la­tion that employees over 55 years of age can choose to re­ceive the prov­i­dent fund in in­stall­ments like re­tir­ing employees, and re- mov­ing the stip­u­la­tion that employees are en­ti­tled to have the prov­i­dent fund trans­ferred to the Re­tire­ment Mu­tual Fund ( RMF) if their mem­ber­ship ceases.

For more in­for­ma­tion con­tact Baker & Mcken­zie at suriy­ong. tung­suwan@ bak­erm­cken­zie. com.

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