BANGKOK, 24th April 2018 (NNT) Ė The Cabinet has approved the draft Government Pension Fund Act, which raises the contribution ceiling from 15 percent to 30 percent of salary.

Advisor to the Prime Ministerís Office Minister, Nattaporn Jatusripitak has revealed that during its latest meeting, the Cabinet gave a green light to the amended draft of the Government Pension Fund (GPF) Act. The bill allows GPF members to transfer savings from other funds to the GPF without the need to terminate their fund accounts while the GPF is authorized to set up an asset management company in order to generate income for itself. The fundís capital reserve can also be invested in high-security assets, such as private bonds.

Moreover, the bill increases the maximum level of contribution to the GPF from the current 15 percent of salary to 30 percent. Members with a retirement age of over 60 will be able to claim their pension as soon as they turn 60 without having to retire first.

National News Bureau Of Thailand | Cabinet gives nod to new government pension fund law