The cabinet resolved to let members of the Social Security Fund use their pension fund or put it up as collateral with banks to help cushion COVID-19 impacts.
Government spokesman Thanakorn Wangboonkongchana said the cabinet approved a bill to amend the Social Security Act to allow social security members to use part of their pension fund.
Under the amendment, 55-year-old members can choose to receive their pension. Members can also withdraw and use part of their pension fund before the age of 55 years. Besides, members can put up part of their pension fund with financial institutions as collateral for their loan application.
The bill also raises compensation for income losses due to disability from 50% to 70% of wages, extends the period of financial assistance during maternity leaves from 90 days to 98 days and increases the maximum age of the employees who are social security members from 60 to 65 years. (TNA)
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