The cabinet has decided to let members of the Social Security Fund use their pension fund or put it as collateral with banks to help cushion the impacts of COVID-19.
Government spokesman Thanakorn Wangboonkongchana said the cabinet had approved a bill to amend the Social Security Act to allow social security members to use part of their pension fund.
Under the amendment, participants age 55 can elect to receive their pension. Affiliates can also withdraw and use part of their pension fund before the age of 55. In addition, members can set up part of their pension fund with financial institutions as collateral for their loan application.
The bill also increases compensation for loss of income due to disability from 50% to 70% of salary, extends the duration of financial assistance during maternity leave from 90 days to 98 days and increases the maximum age of employees affiliated to social security of 60 years. at age 65. (TNA)