Social Security Office looks to set up bank

The Social Security Office (SSO) has ordered a feasibility study into setting up its own bank with initial findings expected to go to its board next month.

SSO secretary Boonsong Thapchaiyuth said on Sunday a proposal is being studied by a sub-committee in response to calls from some labour groups seeking access to low-interest loans for Social Security Fund (SSF) subscribers.

Initial findings are expected to be forwarded to the SSO board next month and the SSO will keep the fund subscribers updated, said Mr Boonsong.

His comments came amid media reports that the SSO is moving to set up a labour bank to cater to SSF members. Calls for a bank to provide low-interest loans for insured workers have grown louder since the Covid-19 pandemic.

Prime Minister Prayut Chan-o-cha and Deputy Prime Minister Prawit Wongsuwon, who oversees the Labour Ministry, and Labour…