BANGKOK, The Ministry of Finance reminds the public that the newly established National Saving Fund (NSF) will start accepting members at three government banks from August 20th onward.
The reminder was made by Deputy Finance Minister Wisut Srisuphan, saying that the application will be available at the Bank for Agriculture and Agricultural Cooperatives, the Government Savings Bank, and the Krung Thai Bank. The fund is designed to help members of the public, especially informal workers, who hold independent careers and are not covered by any pension schemes.
Initially, the Finance Ministry expects at least 600,000 people would apply for the new ‘voluntary retirement savings program’ this year. An eligible applicant must be a Thai national aged between 15 and 60. He or she must deposit at least 50 baht but not exceeding 13,200 baht annually to the NSF account. The government will then contribute a counterpart fund to members at an amount depending on the age of members. The NSF will award a monthly pension payment when members reach the age of 60 until the end of their life. Social Security members can transfer their membership to the NSF, in accordance with Section 40 of the Interim Constitution.
