Bangkok: People’s Party MPs have raised concerns over the looming social security crisis and emphasized the urgent need for the government to implement a transparent inspection system and reform the Social Security Fund’s structure. Sahaswat Khumkhong, a Chonburi Member of Parliament from the People’s Party, highlighted the necessity for the government to begin by settling the fund’s debts and linking the Social Security Fund board more closely to insured individuals.
According to Thai News Agency, during a House of Representatives meeting chaired by Speaker Wan Muhammad Noor Matha, the agenda included the 2026 fiscal budget bill. Mr. Sahaswat discussed the budget allocated to the Social Security Office, totaling 68,069 million baht within the Ministry of Labor, with 61,666 million baht specifically for the Social Security Office. Despite this substantial budget, there are concerns about its sufficiency for future insured persons. Sahaswat warned of a potential crisis within 25-30 years, which could jeopardize the rights of individuals to medical treatment during retirement.
Sahaswat emphasized the need for immediate government action, proposing four solutions: extending the retirement age, temporarily increasing contribution rates, raising the wage ceiling, and collaborating with relevant parties. He criticized past governmental practices, revealing that the government has been in debt to insured persons since 1991-1996, with overdue payments exceeding 100 billion baht. These funds had been misallocated for projects like roads and bridges, leaving insured persons at a disadvantage. Currently, the outstanding social security payments amount to 56 billion baht, and the lack of timely repayments erodes public confidence and future investment opportunities.
The government’s outstanding payments to social security, calculated at the same interest rate as those for business operators, have resulted in fines and opportunity costs from delayed contributions, totaling 1 trillion baht. This amount could extend the fund’s life by at least four years. Sahaswat urged the central government to address this debt seriously, emphasizing that the government pays the least in contributions compared to insured persons and employers, yet holds the most power.
He further criticized the lack of transparency in investments, citing the Skyy9 building as an example of inefficient management and poor returns. The Social Security Fund’s growth rate of 3% annually over the past decade is significantly lower than international standards. Additionally, Sahaswat questioned the allocation of the Social Security Office’s budget, highlighting unnecessary expenditures such as luxury cars and costly calendars, which fail to benefit insured persons.
Sahaswat also called for reducing wasteful spending and expanding insured persons’ rights to access services universally. He criticized the ineffective 1506 hotline service, outsourced to a company lacking expertise, costing over 100 million baht annually. The inefficiency extended to the Social Security Office’s IT system, which has cost 10 billion baht over 10 years without delivering adequate public service.
He concluded by advocating for comprehensive reform of the Social Security Office structure, emphasizing the need for decision-making authority to be distributed among employers, insured persons, and the government. By ensuring transparency and regular inspections, opportunities for corruption can be minimized, safeguarding the contributions of hardworking individuals and providing them with a reliable safety net.