The Social Security Fund (SSF) in Thailand has been under intense scrutiny due to claims of excessive spending by the Social Security Office (SSO). Critics are pushing for more transparency and professional management of the 2.65-trillion-baht fund, questioning the allocation of the administrative budget and the investment returns.
Rukchanok Srinork, a People’s Party MP for Bangkok, has been vocal about the need for legal amendments to enhance the efficiency of the fund’s management. She advocates for restructuring the SSO to prioritize the subscribers’ benefits and merging the SSF with the universal healthcare scheme to maximize public welfare.
Proposed Legal Amendments
Rukchanok Srinork highlights the existing legal framework as a barrier to effective fund management. She emphasizes the disconnect between the SSO committees and current subscribers, leading to decisions that may not align with the contributors’ interests. By proposing amendments to the law, she aims to streamline the decision-making process and ensure better access to benefits for all members.
She suggests merging the SSF and the universal health care scheme to create a more comprehensive and efficient system. This move could potentially optimize public resources and improve the delivery of social security services to the population. Rukchanok’s efforts underscore the importance of legislative changes in addressing the challenges faced by the SSF.
Call for Transparency and Professional Management
Arunee Srito, a former member of the Social Security Board, echoes the need for transparency and independence in the SSO’s operations. Labor networks have raised concerns about political interference affecting the fund’s management decisions. Arunee emphasizes the importance of impartiality and professional expertise in handling the SSF to ensure its financial stability and sustainability.
Worawan Chandoevwit, an adviser at the Thailand Development Research Institute Foundation (TDRI), emphasizes the role of professionals in managing the SSF. She suggests separating the fund from the routine functions of the SSO and entrusting its management to experts, similar to the Government Pension Fund (GPF) model. Worawan stresses the need for transparency and efficiency in fund management to build public trust and ensure accountability.
Nimit Tienudom, representing the People’s Network for a Welfare State, calls for the SSO’s transformation into an independent organization. He argues that autonomy from state control would enable the SSO to adapt to changing demographics and financial challenges effectively. With the country’s aging population and shifting economic dynamics, Nimit emphasizes the urgency of ensuring the SSF’s financial stability for future pension payments.
The challenges facing the Social Security Fund underscore the complex interplay between legal frameworks, governance structures, and financial sustainability. As stakeholders advocate for transparency, professionalism, and independence in fund management, the need for comprehensive reforms becomes increasingly evident. Addressing these issues requires a collaborative effort to safeguard the welfare and financial security of millions of subscribers in Thailand.
The article highlights the critical need for reform in the management of the Social Security Fund, emphasizing transparency, professional expertise, and legislative amendments to address the fund’s challenges effectively. By fostering public dialogue and advocating for structural changes, stakeholders aim to enhance the efficiency and sustainability of the SSF for the benefit of all members.
