Assessing the Effectiveness of Social Security Old Age Benefits

Abstract

This research assessed the effectiveness of social security old age benefits by studying issues related to proper benefit management for insured geriatric citizens. The objectives were to assess outcomes and effects of old age benefits on beneficiaries and the need to recognize old age compensation benefits. In addition, needs of those entitled to Social Security Fund old age benefits were solicited through suggestions on communication styles and developing benefits suitable for the target group and following the old age benefit analysis model. 4,049 sets of quantitative data were collected from Section 39 groups comprising 33 insurers and retirees who had worked in large, medium, and small enterprises through workshops and interviews with 275 insurers from five regions.

Data analysis revealed four guidelines for creating a critical model: Improving the fund management system and mechanism flexibility; Modifying the calculation model, considering current economic and social issues as well as collecting new contributions, including salary ceiling adjustment; Improving benefit refunding according to age or payment ladder maintaining the right to medical treatment; And developing a public relations communication system to strengthen financial skills of Thai citizens.