The Finance Ministry aims to raise the monthly pension payment for freelancers who are members of the National Savings Fund (NSF) to 10,000 baht to encourage them to become fund members, says minister Arkhom Termpittayapaisith.
He said to achieve the target, the ministry will consider increasing the government's contribution to the fund to 1,500-1,800 baht per person per year, up from the current maximum of 1,200 baht per year.
NSF secretary-general Charuluck Ruangsuwan said the fund proposed to policymakers an increase in the savings ceiling for members to 30,000 baht per year from the current 13,200 baht. It also proposed the government raise its contribution to 1,800 baht per year from the current 1,200 baht per year.
Ms Charuluck said if members can save up to 30,000 baht per year between the ages of 18 and 60, they would have total savings of 1.5 million baht and would receive a pension payment of 7,500 baht a month.
The fund also proposed allowing membership from birth or age 7, rather than the current requirement that contributions commence at age 18. This would give members more time to accrue savings.
The fund stands at 10 billion baht and has 2.47 million members, of which 60,000 signed up last year.
The fund requires members to contribute a minimum of 50 baht per payment and they do not have to contribute the same amount every month.
Currently the government makes contributions to fund members based on the age of the member. For example, those aged 15-30 receive a state contribution of 50% of their own contribution, up to 600 baht per year.
