Pension
In Thailand, the Social Security Fund provides retirement benefits to insured employees at the age of 55 years if they have paid at least 180 months' contributions. Employees may choose to receive the benefits in the form of monthly pensions or lump-sum superannuation gratuity.
The monthly pension is calculated as 20% of the average monthly salary in the last 60 months before retirement, plus 1.5% per year of contributions beyond 180 months. Insured persons who have paid less than 180 contributions are eligible to receive all the contributions paid in a lump sum.
Contributions are made by both employees and employers.
Dependents/Survivors Benefits
The Social Security Fund of Thailand provides benefits to survivors in case of death of an insured person that is not caused by a work-related accident or disease, provided that the deceased had paid contributions for at least 1 month during the 6 months before their death. Survivors of the deceased employee may include their spouse, children, or parents. The following benefits are paid to survivors:
- Funeral expenses up to THB 50,000 (Thai baht)
- Survivors benefits equivalent to 2 months' of the employee's wages if they had paid contributions for 36 months to less than 120 months or 6 months' wages if they had paid contributions for more than 120 months
In case of death that is due to a work-related accident or disease, employers are also obligated to pay monthly pensions to survivors. In this case, the pension paid is 70% of the employee's monthly wages for up to ten years.
Invalidity Benefits
The Social Security Fund of Thailand provides life and disability benefits to the insured persons who have paid contributions for at least 3 months in the 15 months before the onset of disability, provided that the reasons for disability are not work-related. The disability benefits consist of medical expenses, rehabilitation expenses, transportation expenses, and pension.
The benefits received in case of permanent disability are equal to 50% of the wages received by the employee, for a lifetime. For other disabilities, the amount of pension depends on the degree of disability and loss of earnings.
In case of disability caused by a work-related accident or disease, employees are entitled to a pension. For a temporary disability, 70% of the monthly wages of the employee is paid for up to 1 year. For permanent disability, 70% of the monthly wages of the employee is paid for a lifetime.