The Finance Ministry is considering increasing the value of state welfare card subsidies in response to rising living costs, says a ministry source who requested anonymity.
Cardholders with an annual income of less than 30,000 baht are currently given 300 baht per month, while those with an annual income of between 30,000 and 100,000 baht receive 200 baht per month.
The source said the ministry may consider raising this benefit to 700 baht per month for people earning less than 30,000 baht, and to 500 baht per month for those with annual income of between 30,000 and 100,000 baht.
The source said such a move would increase the ministry's costs for the scheme to around 100 billion baht per year, from a current bill of 50 billion.
Deputy Finance Minister Santi Promphat said earlier the government was expected to spend 50 billion baht on the state welfare card scheme in fiscal 2023.
Around 21.5 million Thais applied for the cards in the latest registration period. The ministry is working with 43 state agencies to examine the qualifications of the applicants in the latest round to ensure the scheme provides financial assistance to targeted groups. The ministry is expected to announce the final list of qualified registrants on March 1.
There are 13.5 million cardholders at present, and all existing cardholders are required to re-register during any new application rounds.
Eligible cardholders must be Thai citizens who are over age 18 and have an annual income of less than 100,000 baht. In addition, the average income of a registrant's household must not exceed 100,000 baht per year, per person.
The source said the ministry plans to ask the cabinet this week to consider raising the government's contribution to the National Savings Fund to a maximum of 1,800 baht per year, up from 1,200 baht per year, to encourage more freelancers and workers in the informal sector to join the fund.
The fund is for informal workers, such as freelancers, who are not members of a social welfare system or provident fund.
Government contributions to the fund are based on members' ages. Members aged between 15-30 receive a government contribution totalling 50% of their savings each year, but not exceeding 600 baht per year.
Fund members aged between 30-50 receive a government contribution totalling 80% of their savings per year, not exceeding 960 baht per year. Those aged between 50-60 receive a state contribution totalling 100% of their savings per year, not exceeding 1,200 baht per year.
The ministry also plans to propose fund members be allowed to increase their own savings in the fund to a maximum of 30,000 baht per year, up from the current ceiling of 13,200 baht per year.
If fund members can save 30,000 baht per year from age 18 to 60, they will have total savings of 1.5 million baht, which becomes a pension of 7,500 baht per month.
