Thailand Cabinet approves new Social Security Act to support aging society

The Thai Cabinet has approved a draft amendment to the Social Security Act to modernize the legal framework and address the challenges of an aging society. Key changes include raising the maximum age for Section 33 insured persons from 60 to 65 years old.

The amendment introduces the “3 Kho” measures: “Request to Choose,” allowing those with at least 180 months of contributions to choose between a monthly pension or a lump-sum grant at age 55; “Request to Return,” permitting those with 60 months of contributions to access partial old-age benefits during severe disasters; and “Request to Borrow,” allowing old-age funds to be used as collateral for loans from participating financial institutions, capped at 30% of the fund and twice the maximum wage base.

Additional benefits include increased maternity leave compensation, an increase in disability income replacement from 50% to 70% of the wage ceiling, and extended child support coverage for six months after employment ends. Furthermore, retirees can opt to continue as insured persons under Section 39/1 to maintain coverage for illness, disability, and death.