NSF goal for 2020 to ramp up membership by 29%

The National Savings Fund (NSF) aims to increase its total members by 29% this year following a whopping 282% uptick last year.

The voluntary pension fund for self-employed workers targets membership reaching 3 million in 2020 from 2.34 million at the end of 2019, said Jaruluk Ruangsuwan, the fund’s secretary-general.

This year the NSF wants to launch a network to cover all villages across the country, with 30,000 pilot villages in 25 provinces, she said. The network is responsible for providing advice to people concerning membership application and savings.

The fund will team up with the Islamic Bank of Thailand, Thailand Post and agricultural cooperatives as points to receive member contributions, said Ms Jaruluk.

To match changing lifestyles and to better access people, the NSF offers a one-stop service feature through its mobile app. With the app, users can apply for membership, make contributions, check their outstanding savings, update or rectify personal information and follow information and privileges.

The NSF plans to meet people at the village level every month to encourage those who are not covered by any pension funds, social security or provident funds to become members to save money for retirement.

The pension fund’s record growth in membership last year can be attributed to collaboration with the Interior Ministry’s Department of Provincial Administration, Social Development and Human Security Ministry, Provincial Office of the Comptroller-General, the Finance Ministry and four specialised financial institutions.

People aged 15-60 are eligible for membership.

The current structure requires voluntary pension fund members to make a minimum contribution of 50 baht a month, up to a maximum of 13,200 baht a year. The government makes a matching contribution of up to 50% of whatever those aged 15-30 choose to pay, up to 600 baht a year.

For those aged 31-50, the government will match up to 80% of their contributions, up to 960 baht a year.