The number of provident fund (PVD) members has fallen below 3 million last year for the first time in three years, weighed down by a record drop of 5.2% in 2020, mainly due to many employees losing their jobs or receiving salary cuts due to the pandemic and economic recession.
Sittasri Nakasiri, director of the portfolio advice and provident fund supervision department of the Securities and Exchange Commission (SEC), said there was a huge withdrawal of funds from the PVD in 2020.
The economic slump caused by the pandemic was the main catalyst causing affected members to withdraw their shares in the PVD. Payouts from retirement and resignations stood at 73.7 billion baht in 2020, a rise of 47% from 2019. Of the total, 51.68 billion baht went to retired members and 22.02 billion baht to members who had left the fund but had not quit their jobs.
She said some PVD…
