Retirement Mutual Fund (RMF) also falls into this category. RMFs consist of 66 funds worth about 20 billion baht.
Establishment of a multi-pillar system
Ministry of Finance has provided tax concession to both private and public pension funds.
Contribution from employers and employees, accrued benefits derived from fund's assets as well as post-retirement benefits are exempt from income tax.
Except for the Pay-As-You-Go system.
Pension Funds for the Formal Sector
Thai pension systems cover about 10.5 million people in the formal sector out of the total 35.2 million workforces, of which 16.2 million people belongs to the formal sector.
The existing pension system is yet to broaden its coverage to self-employed as well as informal workers, about 19 million people.
However, the Social Security Office has been studying the possibility of broadening The current OAP's coverage to take account of informal workers.
Preparation for the establishment of the pension fund for the informal sector workers
Research studies on the development of the pension system for the informal sector workers
Country Development Partnership-Social Protection for the Informal Sector: CDP – Pension, 4 Projects are commissioned during 2003-2005 and are already completed
Some interesting results from the 4 projects
1st Project : "Social Risks and Responses in Thailand: Analysis of Household and Individual Survey Information"
Informal sector workers account for two-third of Thai labor force
This group is vulnerable and subject to several aspects of risk
They are less likely to shift back and work in the formal sector
Hence, the old-age pension plan for informal sector should be set up as a social safety net
Some interesting results from the 4 projects
2nd Project : "The Study on Saving for Pension and Welfare of the Informal Workers Using Community Mechanism"
To investigate key success factors of the existing savings group, organized by various communities in Thailand

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