BANGKOK, THAILAND – Thailand’s prime minister summoned top officials over a growing scandal at the Social Security Office and backed a sweeping reform drive for the multitrillion-baht fund.
Prime minister berated officials over lack of warning
On Tuesday, Prime Minister Anutin Charnvirakul called in Labour Minister Treenuch Thienthong and the leadership of the Social Security Office (SSO) to his office after mounting criticism of the agency. He expressed anger that he had not been briefed earlier on serious issues raised in the media.
“I had previously received no report indicating serious problems,”
said Anutin, adding that officials had insisted the media reports did not match the facts.
Call for public accountability and structural change
Anutin made clear he would not accept internal explanations alone.
“Internal explanations are not enough,”
said Anutin.
He insisted that the authorities must justify themselves publicly and answer all questions from the media.
Plan to turn SSO into independent fund
The premier presented a radical solution, arguing that a key problem was that the SSO was perceived as a state agency. In reality, he said, it came under the tripartite Social Security Committee representing employers, employees and the state.
“It is not subject to political control,”
said Anutin.
His vision was for the SSO to become independent like the Government Pension Fund (GPF). The secretary-general’s post should in future be openly advertised, rather than filled through civil service rotation.
Emergency taskforce to draft modernization plan
The Social Security Committee moved ahead with its own response. Under the chairmanship of Deputy Labour Permanent Secretary Pol. Lt. Col. Wannapong Kotcharak, a reform taskforce was to be set up within the week.
The body would include four representatives each from insured persons and employers, as well as experts from the Ministry of Finance and the Council of State. It would be allowed to bring in outside specialists, including from the Bank of Thailand.
60-day deadline and 2.82 trillion baht at stake
The taskforce was mandated to present a modernization concept within 60 days. Its work concerned the future of the 2.82 trillion baht (about 70.5 billion euros) fund.
Riskier investment mix to boost long-term returns
At the same time, the investment strategy of the giant fund was being overhauled. The new “Strategic Asset Allocation Phase 2” provided for a 50:50 split between lower-risk and higher-risk assets.
Previously, only a maximum of 40% could be invested in riskier assets.
“This ratio represents a maximum upper limit,”
said employee representative Assoc. Prof. Sustarum Thammaboosadee.
The goal was to achieve a long-term return of 5–6% and extend the fund’s lifespan by about two years.
Push for transparency and independence
A power struggle was unfolding behind the scenes, with Anutin indicating that fully removing the SSO from the civil service system was his long-term aim.
“It is premature to take action now,”
said Anutin, noting that parliament had been dissolved. However, he stressed that the direction was clear.
The proposed reform was intended to strengthen governance, transparency and accountability in line with international pension fund standards. A system that had faced criticism for years was to be made fit for the future.
Implications for more than 11 million insured workers
For more than 11 million insured employees in Thailand, the fund represented old-age benefits and sickness payments, serving as a financial safety net. The planned changes aimed to reinforce this safety net and prevent abuse.
A broader spread of investment risk was expected to secure returns over the long term. The next 60 days of the taskforce’s work would be decisive in determining whether Anutin’s reform speech would translate into concrete measures that restore public trust.