Cabinet approves B4.5bn to cover SSF shortfall

The cabinet has approved a 4.5-billion-baht fund to partially cover people’s reduced contributions to the Social Security Fund (SSF) from next month until July, said government spokesman Thanakorn Wangboonkongchana.

The fund was to offset the reduction in monthly contributions for the three-month period.

The government agreed to let subscribers to the SSF contribute significantly less so they will have more money left to weather the current economic hardships.

From May to July, salaried employees under Section 33 of the Social Security Act will be required to contribute only 1% of their monthly income — capped at 15,000 baht — down from 5% previously, in order to be covered by the welfare scheme.

Former employees under Section 39 who continue to contribute to the SSF after leaving their jobs will see their payments lowered from 9% to 1.9% over the same period….