Who owns Social Security funds?

Insured individuals cannot withdraw their own money but discover board is spending extravagantly

Social Security is a welfare system for workers, born out of people's struggles. However, there are many questions about whether the fund’s purpose still serves the public. 

These concerns include doubts about transparency in budget management, such as the creation of a 275-million-baht app, and Social Security Board members’ luxurious study trips to Europe. 

The mandatory insurance for workers in the corporate system, who pay a monthly premium of 750 baht, is meant to share the burdens and provide a safety net for non-government employees. But is this system still fair and just for the labour force?

Insured Individuals Can't Get Their Own Money Back

In 2020, during the Covid-19 pandemic, many people suddenly lost their jobs as several businesses closed down. A group called the “Unpaid Beggars" emerged, demanding the return of their own contributions to the Social Security Fund as compensation. 

Many of them were too old to find new employment but were under 55, which is the minimum age to claim a pension or severance under Social Security. The group made three demands:Right to Choose: Insured individuals should have the right to choose whether, upon reaching the age of 55, they want to receive a pension or a severance payment.

Refund: They propose to refund 30% or 50% of the total contributions paid into the Social Security Fund, to be given to insured individuals before they reach retirement age.

Loan: Insured individuals should be allowed to borrow from the fund, with low interest rates.

However, all of these demands were ultimately unsuccessful. All requests were denied, and not a single baht could be refunded from the fund. The relevant authorities only promised to amend the Social Security Act, but to date, there has been no progress.

High Contributions, Low Benefits

Insured individuals in the Social Security system must contribute up to 750 baht per month (for those earning 15,000 baht or more). Employers match the contributions at the same rate, and the government adds 2.75% of the salary (with a salary ceiling of 15,000 baht). 

This means that individuals contribute more than 18,000 baht annually (for employees and employers with a salary of 15,000 baht). However, they receive fewer benefits compared with the universal health coverage system (the Gold Card).Moreover, if people unexpectedly lose their job and exit the system, they risk losing their insurance status. Under Section 39, if people fail to make payments for three consecutive months, or under Section 33 if they miss contributing for nine months within a 12-month period, they will immediately lose their insurance status and forfeit access to medical care and pension benefits after retirement.



Recently, MP Ratchanok Srinok of the People's Party exposed what she called the Social Security Board’s extravagant and unreasonable budget spending, such as:


Spending at least 450 million baht on producing Social Security calendars for the past eight years to promote insured individuals' rights.
A 100-million-baht annual budget for the 1506 Call Centre, which often cannot be reached.
A 276-million-baht budget to develop the SSO+ application, despite already having a previous app called SSO Connect.
Duplicated training and seminar expenses.


Meanwhile, concerns are rising that the fund may be at risk of bankruptcy, and insured individuals might not receive their pensions in the future because of low returns on investments.

Is It Time for Serious Scrutiny?

It may be time for the laws and management system of the Social Security Fund to be seriously examined. The money of workers should belong to the workers. The funds used for management should be efficient, transparent, and truly work toward growing and stabilising the fund.

(2025/02/22-00:00)