Thai National Savings Fund now has 2.4m members

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National Savings Fund now has 2.4m members

 

   

BANGKOK (NNT) - The Prime Minister has praised all sectors for their efforts promoting personal savings as part of the national agenda, as some 2.4 million people have now enrolled with the National Savings Fund.

 

Deputy Government Spokesperson Rachada Dhanadirek remarked today that the National Savings Fund has reached a major milestone with 2.4 million members saving money for their retirement through this fund.

 

The National Savings Fund (NSF) was established to promote retirement savings starting at a young age, with a particular focus on freelance and informal workers.

 

The fund is intended to help the country realize its national savings agenda, and a target 60% of the working population are financially prepared for their retirement.

 

Members of the NSF receive a 50-100% bonus contribution from the government, with the minimum deposit required as little as 50 baht per month.

 

Currently, 48% of NSF members are farmers, followed by freelance workers at 31%, and merchants at 6%. The number of members has grown significantly from around 400,000 in 2016 to 2.4 million at the end of 2020.

 

The NSF has launched a campaign with the Government Savings Bank to provide its members with an account statement passbook, which can be requested at any GSB branches nationwide.

 

Ms Rachada said the Prime Minister Gen Prayut Chan-o-cha has been closely following progress made by related agencies to promote savings among the general public, and has praised the success.

 

She said the COVID-19 crisis has made many people realize it is important to have savings on hand for an emergency.

 

The NSF currently allows members affected by the pandemic to stop making deposits without loosing their membership status. They have however recommended members make deposits at least once a year in order to receive the government’s bonus.

 

 

-- © Copyright NNT 2021-01-25

 

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[Mops59]

What comes to mind here is how safe is your money? When do you get the money from the government? As soon a you deposit your THB 50 per month? Or at the end when you retire? When at the end how sure is this? Can next governments change the rules? Is your money still there? Read the small print. And 2.4 million. It is a joke. The rest of Thailand is so poor st this moment they need their money for food.

[bangon04]

In european nanny states people have long been encouraged to save for retirement to put money in the bank - and when you get old you get screwed over by the interest rates and the big banking corporations, and the money goes to fund the benefit culture.  Might as well spend it while you can enjoy it, and the benefit culture will pay the bills later....

Thailand doesn't have a benefit culture yet, does it?