The Thai Finance Minister, Thanong Bidaya, recently announced plans to form a new mandatory pension fund in Thailand.   This new legislation will be submitted to the Parliament this year for approval.  According to the proposal, all employees and employers in Thailand will have to contribute to the fund. 

The Finance Ministry believes that this new pension system will compliment the already established voluntary provident funds in place in Thailand.  As of now, only about one-third of the total labor force is covered by this retirement program.  This new policy will cover more workers.  As in other countries in Asia, Thailand´s population is aging and the Thai government hopes this mandatory pension fund will help support future retirees in Thailand.  The Finance Ministry also added that it is considering expanding the Social Security Fund as well.