Chulapan, Thongtham, and Sattharum gathered for a discussion to advance the CARE formula, addressing the modern working world's needs and restoring fairness to insured persons.
On 26 June 2026, reporters noted that on the evening of 25 June 2026, the Pheu Thai Party held a discussion for party members (Pheu Thai Member Talk) on the topic “REBOOST Thai Pensions for Thai Workers.” The main speakers included Chulapan Amornwiwat, Minister of Labour and party leader; Thongtham Vechayachai, Pheu Thai party list MP; Associate Professor Dr. Sattharum Thamabutsadee, faculty at Thammasat University Interdisciplinary College and Social Security Board member. The session was moderated by Boonyakorn Damrongrat, adviser to the Minister of Labour.
Minister of Labour Chulapan Amornwiwat began by noting the Ministry of Labour’s dual role bridging social and economic sectors, a challenge requiring simultaneous progress. Socially, the goal is to improve workers’ quality of life; economically, to develop human capital that will drive long-term national progress.
Chulapan added that the main topic he wished to discuss was social security reform. The first goal is to restore trust in the Social Security Office’s ability to manage insured persons’ funds with stability and security, while expanding the Social Security Fund’s base and appropriately growing its resources through professional investment. This goes hand in hand with enhancing benefits for insured persons, including healthcare and, importantly for the discussion, adopting a new old-age pension calculation method—the CARE formula.
Chulapan emphasized that the current pension calculation method must change because the modern working environment differs from the past. Nowadays, job changes and status shifts among insured persons—from Section 33 to Sections 39 or 40—are common. The old pension calculation, based on average salary during the last five working years, no longer accurately reflects actual fund contributions.
"We need a calculation method that truly reflects every individual's working history. The CARE formula, adapted from foreign models, has been proven fair and beneficial for all insured persons over the long term," he said.
Chulapan also acknowledged that some insured persons might be negatively affected initially. To address this, compensation measures covering the first five years after implementing the new formula have been designed. Importantly, existing pensioners will not receive less than before; if recalculation using CARE shows a higher pension, their payments will be increased accordingly.
Thongtham Vechayachai, Pheu Thai party list MP, explained that the push to adopt the CARE formula for the Social Security Fund stems from challenges including changing work patterns and the differing value of money now compared to 20-30 years ago. The CARE formula has been proven in multiple countries to address these challenges effectively.
"The core of the CARE formula is valuing the length of working time and fund contributions. The longer someone works and contributes, the more they receive. Simultaneously, it accounts for changing money value each year, ensuring that past contributions are equated fairly to present-day value," he said.
Associate Professor Dr. Sattharum Thamabutsadee, faculty at Thammasat University Interdisciplinary College and Social Security Board member, expressed gratitude to the Minister of Labour for pushing the CARE formula forward. Despite being a straightforward issue, it took four ministers to bring this reform this far.
Dr. Sattharum noted that pension calculation problems have existed since the first payments in 2014, leading to lawsuits in the Administrative and Labour Courts claiming unfair pensions. The Social Security Office studied the CARE formula in 2019 but lacked political support to finalize the reform.
"Currently, about 900,000 people receive pensions; 600,000 receive less than they deserve. Any minister who resolves this will truly wipe away the tears of the people," she said.
Dr. Sattharum added that all steps forward have been publicly disclosed by the minister, who plans to bring the matter to Cabinet for consideration. This will restore fairness to insured persons and fix structural issues. This effort is not about personal credit but concerns the lives and suffering of the people.
The discussion also included Suthep U-on and Ranwipa Maisan from the Minister of Labour’s team, who shared perspectives on advancing key issues. Naphum Suwannaphum, head of the Social Security Office’s actuarial mathematics group, presented data showing how the CARE formula implementation will provide remedies for those potentially affected, confirming it will not impact the Social Security Fund’s financial stability.
