Legal Measures to Solve the Problem of Old Age Social Security : Case Study on Old Age Pensions and Old Age Pension

Abstract

This research aims to study Legal Measures to Solve the Problem of Old Age Social Security : Case Study on Old Age Pensions and Old Age Pension. As the Thai society at present, is increasingly entering into old age community but not a lot of importance has been given to caring for senior citizens. Therefore, social security is a measure that is significant and necessary for employees who apply for old age insurance because it acts as an assurance that they will not be abandoned when they reach old age. Old age compensation benefit is a part of a program to support the quality of life or it is a guarantee for job security in time of retirement, which is prescribed by the Social Security Office to yield benefits to the insurer in the long term. From close examination on the Social Security Act B.E. 2533 (1990) and Social Security Act (No.3), B.E. 2542 (1999) found that a person that is protected in this context is an insurer under the Social Security Act conditional upon the facts that an insurer must be 55 years old and the employment must be terminated. The insurer will receive the money that has been saved in the social security fund for the poor old age when these conditions are met. The old age compensation benefits in this case will be considered from the distribution of the 3 percent contribution deducted into the old age fund from the initial total contribution charged. The consideration on the payment of the old age compensation benefits varies depending on the cumulative contribution. One insurer might receive a big sum of money when he does not complete 180 installments or months, it is called old age commission. While, another insurer might receive a monthly payment when that insurer completes 180 installments of contributions or months, which is called old age pension. But, due to the state of the present society, the cost of living is relatively high in comparison to the past, the benefits received from social security is inadequate in term of survival for senior insurers. Hence, the Social Security Act does not yield that much benefits to senior insurers. In relations to that specific problem, I feel that it is necessary to amend the Social Security Act B.E. 2533 to be consistent with the present state of society.