Have you ever wondered where the money that is "compulsorily" deducted every month from your first working day until retirement actually goes? Meanwhile, we endure long waits at hospitals, clearly experiencing unequal treatment compared to other patient groups.
Or have you heard reports about money being invested improperly, along with huge budgets spent on items like shirts, hats, calendars, and promotional media that we never requested—yet insured persons under Section 33 are asked to increase their contributions from 750 to 875 baht per month?
The big question on the minds of workers nationwide is: How transparently is this massive fund, worth trillions, managed?
ThairathMoney invites you to look back at the origins of Thailand's largest fund, born from over 30 years of labor struggles, to see how the ideals of that era have turned into today's unresolved questions. Most importantly, "Why is it so difficult for us to audit our own money?"
Looking back, Social Security in Thailand did not emerge easily. It was the result of nearly half a century of labor struggles on the streets. Although the idea was sparked in 1954 during Field Marshal Plaek Phibunsongkhram's era, it was frozen for over 36 years, seen as a budget burden and too distant to offer to laborers—until a pivotal change occurred in 1990.
Between 1988 and 1990, demands for welfare rights intensified, leading to a major coalition of labor groups and academics. The government eventually passed this law to provide basic security for the working class in times of illness or old age.
Ultimately, the power of ordinary people prevailed. The law was promulgated on 3 September 1990 with the noble ideal of "creating a life safety net for workers, so no one will face bankruptcy due to illness or live in poverty in retirement."
Since the Ministry of Labor was established in 1993, the Social Security Office has been under its supervision, responsible for comprehensive social security programs covering injury, illness, disability, and death—whether work-related or not—as well as maternity, child support, old age, and unemployment benefits.
The Social Security board is formed through a tripartite system (government, employers, employees), but most people are unaware of its existence or how its members are elected.
The fund's structure is divided into three main sections:
The mission published by the Social Security Office on its website states:
"To manage social security and compensation funds in a modern, efficient, and transparent manner, while fostering happiness in the lives of employers, employees, insured persons, and Social Security Office staff."
However, many mistakenly think social security is "optional," but in reality, for company employees under Section 33, it is "mandatory" by law. The 1990 Social Security Act requires employees and employers to register and contribute to the fund. Employers failing to deduct contributions or employees refusing to pay are committing legal offenses (Sections 46 and 47).
When we pay one part, employers must pay another, and the government contributes a portion as well (at rates set by law). This compulsory system ensures employees are not abandoned and that employers share responsibility for workplace risks.
Today, the Social Security Fund is one of the "largest in Thailand," with savings reaching trillions of baht from contributions by tens of millions of workers over decades. In principle, this is the "future money" of workers—a guarantee for illness, old age, unemployment, and for monthly payments after work ends.
However, in recent years, the fund's image in society has faced increasing scrutiny due to a series of news and reports raising doubts about how the fund's money is used, such as...
Amid criticisms—especially regarding investments like the TU Dome—the Social Security Office (SSO) clarified the fund's status at the end of 2025: the Social Security Fund has total investments exceeding 2.9 trillion baht.
Structure of the fund’s money (totaling 2.9 trillion baht):
Performance in 2025 (single year):
Regarding investment portfolio structure, the SSO explained most funds are allocated to low-risk assets—about 69%—while about 31% is invested in riskier assets. Investments are diversified domestically (around 60%) and internationally (approximately 40%) to spread risk and increase long-term return opportunities.
At the same time, the "compensation fund," also managed by the SSO, holds about 88 billion baht in investments and achieved returns of over 4.2 billion baht in 2025, about 5.68% of the portfolio. This fund follows a more cautious policy, investing over 81% in low-risk assets.
However, despite the overall figures showing the fund remains large, strong, and profitable, social questions persist. These include why some money is invested in projects perceived as not worthwhile, why some funds are held in low-yield assets like savings deposits, and ultimately who decides how to allocate this vast sum belonging to workers nationwide. For many insured persons, the issue is not just whether the fund remains solvent, but whether their money is managed in the best possible way.
Amid the impressive 80 billion baht profit, economists and the International Labour Organization (ILO) have repeatedly warned that "without reform, the Social Security Fund could be depleted within 30-40 years."
Why is this so?
One reason it’s hard to audit the fund is its "distant" management structure. For decades, the Social Security board controlling the 2.9 trillion baht fund has been viewed as a domain for government appointees and experts.
But a turning point recently occurred with Thailand's first-ever Social Security board election (December 2023), allowing insured persons to elect their own representatives to oversee budget use. Although turnout was low, this signals that the "owners of the money" want to reclaim their rights to determine the future of their savings—demanding transparent project-level investment information, cuts to wasteful spending unrelated to welfare, and ultimately, improved quality of healthcare to meet the highest standards.
Ultimately, Social Security is more than a payroll deduction—it is a social contract between the state and us. When we grow old, this money must remain intact. But with demographic changes and ongoing transparency concerns, will this contract still hold sacred? We will have to watch closely...
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