The cabinet's decision to approve a Labour Ministry amendment on May 10, which would allow subscribers of the Social Security Fund (SSF) to get a partial advance on their pension and use their pension as collateral for loans, has been met with both cheers and concern.
While Labour Minister Suchart Chomklin says the proposed changes will give a financial lifeline to SSF members during this difficult time, economists and labour advocates warn it could be a disaster in the making -- saying contributions to the fund will match expenditures by 2039, and the fund will likely be in a deficit by 2044.
