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