What are the statutory pension benefits in Thailand?

In Thailand, statutory pension benefits are categorized as old-age benefits and consist of either a lump-sum payment or a monthly pension. The type of benefit depends on the duration of contributions made by the insured employee to social security insurance.

• Monthly Pension: Insured employees qualify for a monthly pension if they have contributed for at least 180 consecutive months. The monthly pension amount is calculated as 20% of the insured employee's average wage over the last 60 months. Additionally, for every 12 months of contributions beyond the initial 180 months, an extra 1.5% of wages is added, with a cap at a maximum of 38%.

• Lump-Sum Payment: If the insured employee does not meet the requirement of 180 consecutive months of contributions, they may receive a lump-sum payment instead.