BANGKOK (NNT) – During the COVID-19 situation, many people have to stop working and trading, and some people have become unemployed. This makes us realize that saving is important. The government has been trying to encourage Thai people, especially self-employed people, to save money through the National Savings Fund (NSF), which currently has more than 2.3 million members.
Ms. Ratchada Thanadirek, Government Deputy Spokesperson, disclosed that, during the past, year the NSF has worked with the Ministry of Interior to increase its membership and has joined hands with financial institutions and the private sector to facilitate membership application and fund payment. Payments can now be deposited at more than 13,000 counter service branches.
The cabinet meeting last Tuesday reported on a significant increase in the number of NSF members. As of March 2020, there were 2.35 million members, exceeding the target of more than one million. From 2018-2019, there were around 700,000 members only. The NSF will create village savings representatives, to promote knowledge and understanding about the benefits of saving with the NSF. The goal is to increase the number of members by 75,000 this year.
People aged 15-60 are eligible to apply. They must make a minimum contribution of 50 baht a month, up to a maximum of 13,200 baht a year, and the amount is matched fully or in part by the government, up to a prescribed limit.
The government will contribute up to 50 percent of savings, but not more than 600 baht a year for workers aged 15-30, up to 80 percent but not more than 960 baht a year for workers aged 31-50, and up to 100 percent but not more than 1,200 baht a year for those over 50. Those interested can apply for membership at state banks, provincial offices of the treasury nationwide and on the NSF application.