The 2570 Budget Committee member Veera Theeraphatranont dissected the social security budget, highlighting soaring debt and heavy losses, and questioned whether the agency wishes to leave the civil service system. The Social Security Office (SSO) Secretary-General explained adjustments to accounting methods per the Office of the Auditor General's guidelines and admitted that separate financial statements for each fund have not been prepared yet.Tags: [Social Security, Budget, Debt, Financial Statements, Government Accounting]
At 14:14 on 24 July 2026, during the special committee meeting to consider the draft budget bill for fiscal year 2570 (2027),Tags: [Budget Committee, Meeting, Fiscal Year 2027] Mr. Veera TheeraphatranontTags: [Veera Theeraphatranont, Budget Committee] in his capacity as a committee member, questionedTags: [Inquiry, Budget Committee] the Social Security Office (SSO)Tags: [Social Security Office] about the estimation of non-current liabilities for retirement benefit obligations, which stand at 2,421.67 billion baht, asking how this was calculated. He also pointed out that if contributions are excluded and only expenses are considered, the figures are "misleading." The total revenue of the social security fund is 320.93 billion baht as of 31 December 2025, and the audit has not yet been certified by the Auditor General. Total expenses amount to 356.89 billion baht, leaving net income 35.96 billion baht lower than expenses. He emphasized that the SSO has 229.46 billion baht of non-contributory income. If this is added back, the deficit would be a massive 260 billion baht. He asked how the agency plans to manage this situation.Tags: [Retirement Liabilities, Financial Deficit, Social Security Revenue, Expenses, Audit]
Mr. Veera continued, noting that payments for old-age pensions increased from 42.19 billion baht in 2024 to 48.96 billion baht. He asked how much the number of old-age pension recipients increased from 2024 to 2025, requesting any available estimates. Since the SSO knows the ages of insured persons, it should be able to predict the number of new pensioners and the required benefit payments for the coming year. He asked the office to provide a rough answer and submit detailed documentation, believing they have such models.Tags: [Pension Payments, Pensioner Forecast, Social Security Data, Benefit Projections]
Additionally,Tags: [] the social security fund is divided into three sub-funds. Mr. Veera asked whether separate financial statements exist for each fund, as currently only consolidated statements seem available. He wanted standalone financial reports for each fund and asked again if these had ever been prepared. Ms. Kanachana Phulkaew, Secretary-General of the SSO, admitted thatTags: [Social Security Funds, Financial Statements, Fund Segregation] "They have not been prepared."Tags: [Financial Reporting]
Mr. Veera then suggested that such financial statements must be produced because the SSO disburses about 120 billion baht annually to each fund for medical benefits and unemployment compensation. He found it odd that consolidated statements exist but not separate ones for each fund. When the Secretary-General started to respond, Mr. Veera asked her to answer fully at once, adding that if it is possible to produce such statements, they should do so; if not, he would accept that.Tags: [Fund Management, Accounting Transparency, Budget Oversight]
He also mentioned that the SSO owes him 300 baht in pension payments for several years but he has waived the claim and requested removal from the system. He said he left the insured system at the transition before receiving old-age pension benefits. Then, benefit increments were added to encourage long-term participation, eventually reaching 120 billion baht per year.Tags: [Pension Claims, Personal Experience, Social Security Payments]
Furthermore, he touched on investment matters but refrained from elaborating, anticipating future interactions with the SSO. He asked whether the SSO system should be removed entirely from civil service status or remain as is. If over 10,000 employees prefer managing the fund within the current system, he would understand the future direction. Otherwise, leaving the civil service system, as with the Government Pension Fund (GPF), could be considered.Tags: [SSO Status, Civil Service, Fund Management, Investment]
Ms. Kanachana responded that the operating statement shows net income falling short of expenses by about 35 billion baht in 2025, compared to 100 billion baht in 2024. Currently, the social security fund's financial statements are under audit, with completion expected on 4 August 2026.Tags: [Financial Audit, Operating Deficit, Social Security Finances] The main reason for the revenue shortfall is that previous estimates of retirement benefit liabilities did not project forward the number of retirees or their payments. The SSO has revised these estimates following recommendations from the Office of the Auditor General (OAG).Tags: [Liability Estimation, Retirement Benefits, Auditor General Recommendations] They have adjusted the method for calculating reserves for retirement benefits, recorded as non-current liabilities in the statement of financial position. This resulted in increased expenses of 324 billion baht in 2024 and 148 billion baht in 2025 compared to prior figures.Tags: [Reserve Calculation, Financial Reporting, Retirement Benefits]
Another estimation issue concerns disability benefits, where regulations and reserve accounting for benefits payable over more than one year from the date of approval have been revised. These are also recorded as non-current liabilities in the statement of financial position. Following the Auditor General's guidance to comply with government accounting policies, the SSO has adjusted its reserve methods for retirement and disability benefits, leading to lower net expenses in 2024-2025. Detailed forecasts will be submitted as documents later.Tags: [Disability Benefits, Accounting Policies, Financial Forecasts, Government Accounting]