SSO MOVES TO LIFT PENSION AGE TO 60

>> The Social Security Office (SSO) proposal to have its subscribers receive pension payouts at their retirement age of 60 has gained support from both workers and retirees during its latest public hearing.

The plan, which aims to start giving out the pension from the age of 60 instead of 55 as previously proposed, earlier drew criticism from labour advocates who were worried it would affect subscribers who retired at 55 and would be unable to claim the payment.

The SSO defended its proposal, explaining that the new retirement age will be progressively introduced, which will see it applied to subscribers born from 1963 and set a 60-year-old threshold for those born after 1970. The office will also seek subscribers’ views in public hearings before making a final decision.

In a recent public consultation, many participants welcomed the scheme. However, some felt the new payment regulation should be implemented on a voluntary basis.

Suphatthra Phuangphunoi, a 23-yearold company employee, said the main reason behind the SSO’s move to change the retirement age is justified and she felt no need to oppose the proposal.

SSO inspector Aumpun Thuvavit insisted the change of the retirement age, which will delay subscribers’ rights to pensions, does not mean the SSO has no money.

He said the extension of the age will give subscribers more time to save money so that they will get a larger pension payout.

According to the SSO, it manages the pension fund by requiring employers and employees to give monthly contributions to the fund until the employees retire.

One concern earlier raised by Manit Promareekul, president of the Automobile Labour Congress of Thailand, is that about 80% of company employees retire at 55.