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PM Prayut stresses legitimacy for using Social Security funds as loans

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PM stresses legitimacy for using Social Security funds as loans

 

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BANGKOK (NNT) - A recent proposal from the Prime Minister has been in focus after he ordered related agencies to study the feasibility of using Social Security funds as loans for investment. The Prime Minister has stressed that this idea must me thoroughly considered and comply with the law.

 

The government spokesperson Narumon Pinyosinwat revealed that the Prime Minister Gen Prayut Chan-o-cha has ordered the Social Security Office and related agencies to look into the feasibility of using cash available in Social Security funds. The agencies have been ordered to look into the legal feasibility of using the money to yield maximum benefits to social security benefit holders and the general public.

 

She said initial studies show the Social Security Fund Act BE 2533 does not authorize the SSO to lend the fund balance as loans, as such action will violate the objectives of the fund. The fact that the SSO is not recognized by the Bank of Thailand as a financial institute also forbids the office to legally offer any loans.

 

From these conditions, the SSO may use the fund balance in social investment projects, by depositing the loan balance in financial institutes who will be offering this balance as loans on their behalf. However, any of these procedures must be done carefully and in full compliance to the law and existing regulations.

 

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17 hours ago, webfact said:

From these conditions, the SSO may use the fund balance in social investment projects, by depositing the loan balance in financial institutes who will be offering this balance as loans on their behalf.

Now, who has been a nice banker? Here, have a bone.

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I think Thai Airways would welcome a loan from

the fund !

regards Worgeordie

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17 hours ago, webfact said:

A recent proposal from the Prime Minister has been in focus after he ordered related agencies to study the feasibility of using Social Security funds as loans for investment.

Magic Beans would be my guess

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17 hours ago, keith101 said:

The govt is supposedly sitting on a huge surplus so why would they need to do this unless of course the surplus isn't what they are saying it is ?

It comes from their own personal daily practices of sitting on millions in the bank but using other peoples money to purchase anything!

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Wait till they finally come up with the idea that farang retirement deposits can be used for the "Good of the country"........   Where's me 800,000 bht ? ........... Better you go home, mei pen rai....

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Using Social Security money for other pet projects has worked out well in the States! 💩

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And this gets me think about something that happened with a previous minister.  Don't play with money that ain't yours. If the profits goes back to those who needs it then it's a good idea. But it isn't! Who's going to pay if a loss inquires? The reason you want to take money from this account is probably because there's missing from another. 

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Sad day if they do that, but they will. Has to be to the law? OOOOOHHH I am sure he will have one made up to work it to zero and bust.

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