Quick Answer: How does provident fund work in Thailand?

How does provident fund pay out?

You should receive your provident fund payout within 21 days if your tax affairs are in order and all the required documents (such as a copy of your ID, a completed instruction form stating where the money should go, and proof of banking details) have been sent to the fund by your employer.

Is provident fund compulsory in Thailand?

Recently, the Thai cabinet has approved, in principle, a Mandatory Provident Fund or “National Pension Fund”, a major step towards enactment. This act has raised many questions among employers and employees alike on what it is and what needs to be prepared once the law finally takes effect.

Can I withdraw my provident?

You may withdraw your benefit in cash, bearing in mind that the funds will be taxed as per the withdrawal benefit table. This option is suitable for individuals who may be in need of funds for various reasons.

How long does Provident take to pay out?

Provided your tax affairs are in order, and you have submitted all the required documents (such as a copy of your ID, a completed instruction form stating where the money should go, and proof of banking details), it normally takes 14 to 21 business days to receive your provident fund pay-out.

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Do I get all my provident fund if I resign?

There is therefore no need to resign as you suggest, and no benefit in doing so. In addition to paying tax on any amounts cashed in now, by resigning, you would also lose what you have accumulated to date and the benefit of compound interest on those savings.

How is provident fund payout calculated in South Africa?

The employee contributes 12 percent of his or her basic salary along with the Dearness Allowance every month to the EPF account. For example: If the basic salary is Rs. 15,000 per month, the employee contribution shall be 12 % of 15000, which comes to Rs 1800/-.

How much is provident fund in Thailand?

Normally the employee’s contribution goes from 2 to 15% of the salary.

Is Social Security mandatory in Thailand?

Social security registration is mandatory for employees in Thailand under the labour law and allows employees to access to the social security benefits. If you are an employer or employee in Thailand, it is useful to know the following social security information.

Is there a pension in Thailand?

Thailand’s pension system was completely restructured in the late 1990s. It now comprises the Old Age Pension, a pay-as-you-go financed state pension scheme for the private sector workforce, and the Government Pension Fund, a defined contribution pension system exclusively for civil servants.

How can I withdraw my provident fund?

Step 1: Log into the UAN Member e-Sewa portal. Step 2: Select ‘Online Services’ tab and click on ‘Claim (Form-31, 19 & 10C)’ option. Step 3: Member details will be displayed. Enter your bank account number registered with EPF and click ‘Verify’.

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Can I borrow money from my provident fund in South Africa?

You can borrow up to 70% of your withdrawal benefit on your provident fund. For example if your withdrawal benefit is R50 000 then the maximum you can borrow is R35 000.

Can I take my provident fund out of South Africa?

Currently, retirement fund members can only withdraw from pensions when they retire, resign or get retrenched. … Mboweni said that workers should be able to access a percentage of their pension fund “in this time of difficulty”. But he added that the money should be used for specific purposes.