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Cabinet approves ‘Care’ formula pension reform

Julapun Amornvivat Social Security

Labour Minister Julapun Amornvivat speaks to reporters after Tuesday’s cabinet meeting, which approved the new pension calculation method under the Social Security Fund, known as the Care (Career Average Revalued Earnings) formula. (Photo: Ministry of Labour)

The cabinet has approved a new calculation method for pensions from the Social Security Fund, aimed at improving fairness and aligning Thailand’s pension system with international standards, Labour Minister Julapun Amornvivat said on Tuesday.

The draft ministerial regulation on old-age benefits calls for the use of the Care (Career Average Revalued Earnings) formula to calculate pensions, he said.

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