The Pheu Thai Party has unveiled a sweeping plan to amend the Social Security Act, promising a structural overhaul of the Social Security Fund (SSF), including a shake-up of its management board, expanded benefits and greater rights for insured workers.
In a Facebook post on Saturday, the party -- which is set to oversee the Labour Ministry, under which the SSF operates -- described the fund, which covers more than 20 million members, as being at a critical turning point in public confidence.
It said the law no longer reflects the realities of today's labour market.
Thailand is entering a full ageing society, with fund outflows now exceeding inflows, management and investment decisions under scrutiny, and benefits failing to meet the needs of modern workers.
Pheu Thai said these issues pose a long-term risk to the future of labour, not merely a technical flaw in the system.
The party proposed revising the law to expand the contributor base by bringing more informal workers into the system, including platform workers, through broader definitions of "employee" and "employer", while improving benefits to encourage long-term participation.
It also called for a major restructuring of the fund's administration, including cutting costs, setting clear investment targets, establishing independent oversight and audit mechanisms, and requiring transparent disclosure of budgets and returns.
Under the proposal, office expenses would be capped at no more than 5% of annual contributions, while an independent investment and audit committee would be established with clear penalties for misconduct.
Insured members would directly elect seven board members, and the board chair would be chosen by the board rather than automatically filled by a civil servant.
A party source said the goal is to transform the fund into a transparent, modern and trustworthy institution that truly belongs to insured workers, while restoring confidence and attracting younger contributors.
The source added Thailand has around 40 million workers, but only just over 20 million are in the social security system, making expansion essential as payouts rise and the number of new contributors declines. The proposal also aims to streamline healthcare-related benefits and strengthen retirement security.
Meanwhile, the Social Security Office (SSO) stressed the fund's stability and announced improved returns for insured members receiving old-age lump-sum benefits.
The new rates for 2025 were published in the Royal Gazette on April 1 and took effect the following day.
SSO secretary-general Kanchana Poolkaew said insured workers under Sections 33 and 39 will receive an annual return of 2.97%, while members under Section 40, options 2 and 3, will receive 3.58%.
