What is retirement mutual fund?
Retirement funds, also known as pension funds, are investment options that allow an individual to save a certain portion of their income for their retirement. … Retirement mutual fund plans usually invest in low risk investment options, like Government-securities, to ensure steady returns.
What is SSF Thailand?
The Social Security Fund (SSF) was established under the Social Security Act B.E. 2533 to provide employment security and stability for Thai citizens. An employee, being over fifteen years of age and not more than sixty years of age, shall be classed as an insured person.
What is Super Saving fund Thailand?
Launched on April 1, the SSF is a government-led initiative aimed at encouraging Thais to save and invest. They can claim a 30% tax deduction on contributions, capped at 200,000 baht a year. But they will have to invest by June 30 and hold for ten years in order to take advantage of the tax benefit.
How can I save tax in Thailand?
Funds can be withdrawn free of Thai tax after age 55 (and if held for five years or more). To qualify for Thai tax benefits, you must contribute at least every other year for a minimum of five years. The minimum contribution is 3% of taxable compensation or THB 5,000, whichever is lower.
What are the safest investments for retirement?
No investment is entirely safe, but there are five (bank savings accounts, CDs, Treasury securities, money market accounts, and fixed annuities) which are considered the safest investments you can own. Bank savings accounts and CDs are typically FDIC-insured.
Is mutual fund good for retirement?
Simply put, mutual funds are professionally managed investment portfolios that allow investors to pool their money together to invest in something. With the help of an investment professional, mutual funds are a great way to invest for your retirement.
Can you collect Social Security in Thailand?
Social security registration is mandatory for employees in Thailand under the labour law and allows employees to access to the social security benefits. If you are an employer or employee in Thailand, it is useful to know the following social security information.
A person must be on retirement status of at least 55 years old with more than 180 months contributions. The claimant can get a cash benefit or pension equivalent to 20% of his average wage for the last 60 months and 1.5% per additional 12 months of contributions above 180 months.
What is SSO in Thailand?
The Social Security Office is a department under the overall direction of the Ministry of Labour and has its headquarters in Nonthaburi. The leadership of the organisation is the Secretary-General.
Do I need to pay tax in Thailand?
Tax residents must pay taxes on any income they earn in Thailand as well as a portion of any income brought in from overseas as noted in Section 1 of the Revenue Department’s website. However, any income you earn during the year but leave in a bank account outside of Thailand is not subject to taxes.
Do expats pay taxes in Thailand?
Thailand income tax applies to worldwide income, just as the US does. But unlike the US, only residents are taxed on their worldwide income while non-residents are taxed only on the income earned in Thailand.
Do expats pay income tax in Thailand?
Thailand’s tax rates are progressive and rise according to earnings. Expats who earn less than THB 150,000 will be exempt from income tax, while those who earn over THB 5,000,000 per year will be taxed at thirty-five percent.