Thailand's cabinet has approved a draft bill that would let insured employees remain covered through age 65, a proposed change aimed at extending social protection as the country's population ages, the Bangkok Post reported.
Deputy government spokeswoman Patdarasm Thongsaluaykorn said the Labour Ministry proposed the amendment to modernize the Social Security Act and respond to Thailand's aging population. She said some provisions of the 1990 law no longer fit current conditions.
In addition to the higher age ceiling, the draft revises support that follows job loss and choices tied to a worker's contribution history. Employees covered by Section 33 could stay insured until age 65, five years beyond the current ceiling of 60.
For non-work-related disability, the maximum share of wages replaced would rise to 70% from 50%. The bill would continue child allowance for an additional six months after employment ends and increase maternity-leave compensation to meet labor-law standards.
After 180 months, or 15 years, of contributions, insured people could choose an old-age pension or a lump-sum old-age benefit when they reach 55 or their insured status ends. A separate provision would let people with at least 60 months, or five years, of contributions access part of their old-age savings before age 55 if a severe disaster harms their livelihood.
The draft would also let people use savings to back loans from financial institutions partnered with the Social Security Office. Withdrawals and loan-collateral arrangements would be capped at 30% of accumulated old-age benefits and at no more than twice the maximum wage base.
Unemployed retirees who want to keep social security could remain insured, including for medical benefits. The Bangkok Post reported that, for illness, disability and death coverage, the government would pay one contribution share and the insured person two.
