The Social Security Act of B.E. 2533 (1990) in Thailand, and its amendments, established the Social Security Fund with the objective of providing coverage for fund members under certain conditions. There are seven types of coverages that are included:
- Child Allowance
- Old Age
The stipulations of the Act apply to every company having employees. Persons insured under the provisions of the Fund include all employees from the age of 15 years up through those not over 60 years, in all companies having one or more employees.
A company having one or more employees must register with the Fund within 30 days of hiring their first employee. If the company increases the number of employees, it must submit a new registration form for each new employee, if the employee does not already register with the Department.
The employer must submit the names of their employees, their wages or salary and other details that may be required by the Social Security Office within 30 days of the date that the employees becomes insured by the Fund. When a company has submitted the names of employees, the Social Security Office will issue the company a Certificate and issue Cards to all employees.
Social Security in Thailand is funded by employee contributions made each pay period and contributions made by the employer and also the Thai government. The employer is required to withhold contributions to the Fund from its employees’ salaries or wages each pay period. For as long as employees receive their salaries or wages, employers are required to submit the amounts withheld to the Social Security Office within 15 days of the end of the month during which the payroll deductions were made.
The amount an employee contributes to the Fund is 5%, up to a maximum of 750 THB, of their total gross earnings for the pay period. The employer contributes a matching amount and the government contributes an additional one per cent.