Thanakorn urges disclosure of the Social Security Fund's long-term financial assessment, pointing out that income and expenditures are not aligned. He fears that within 20 to 40 years, the fund may be unable to fully pay pensions.
On 24 Sep 2026 GMT+7, Thanakorn Wangboonkongchana, a party-list MP for Bhumjaithai Party and former Minister of Industry, discussed the auditor's report and financial statements of the Social Security Fund for the year ending 31 Dec 2024. He said this report is not just about accounting figures but signals urgent issues needing resolution. Every baht in this fund represents the life security of workers—money contributed by citizens while they are able-bodied to ensure support when they are ill, unemployed, or no longer able to work. At a glance, the report's figures show...
At the end of 2024, the Social Security Fund had total assets of approximately 2.72 trillion baht. But the question is whether we can be confident that in 20, 30, or 40 years, the fund will still have enough money to fully pay pensions to today's workers.
Thanakorn continued that the report reveals early signs of problems. First, costs are rising sharply: old-age expenses in 2024 reached 42 billion baht, a 15% increase from the previous year, with future growth uncertain given Thailand's aging population and the pension system's predetermined formula that doesn't pay pensions strictly based on contributions. This causes income and expenses to be unaligned. Second, the Office of the Auditor General clearly noted that pension liability estimates at the end of 2024 are understated by about 294.676 billion baht. This figure warns us that pension fund assessments must consider not only current cash but also future liabilities promised to workers to determine if the fund is sufficient.
Thanakorn proposed three structural solutions: 1. Professionalize fund management—managing over 2.6 trillion baht requires clear policy-making, investment decisions, risk management, and performance evaluation by experts within a transparent and auditable system, as this is the sweat and security of insured workers; 2. Manage investments efficiently—increasing returns is necessary but comes with risks, so long-term goals, smart diversification, and risk controls aligned with fund obligations are essential; and 3. Courageously review both income and benefits fairly, including raising wage ceilings, contribution rates, or revising pension formulas. Any system adjustments must assess impacts on employees, employers, fund sustainability, and adequacy of pension benefits.
"TDRI has estimated that if the social security structure remains unchanged, pension fund expenditures are likely to surpass income by 2037, increasing pressure. We still have time and need not wait for a crisis to act. Starting now allows gradual adaptation. I urge relevant agencies to disclose long-term fund assessments publicly, looking 20 to 30 years ahead, showing income and expenditure status and who will bear the costs if reform is needed. We must not leave this time bomb for a single generation to bear alone. The Social Security Fund's duty is not only to have money today but to keep the promise to care for workers until old age, providing adequate pensions for a dignified life," Thanakorn said.