Provident Fund
A1: The main objective of the provident fund is that members will have funds for retirement in which members must collect money into the fund, called “savings” which is deducted from the salary at the rate specified by the member and the employer will pay the other additional part, called “contributions.”
A2: 1. Saving money for retirement or after resignation.
2. Receiving the additional contribution from the university
3. Saving money under the management of a professional fund management company.
4. The saving paid into the fund does not need to be calculated for tax purposes, and it can be divided into two parts as follow;
Part 1: Being tax-deductible in the calculation of taxable income as paid, but not more than 10,000 baht per year.
Part 2: The excess of 10,000 baht but not more than 15 percent of the salary but not more than 490000 baht
5. In the case of a retirement and becoming a member for at least five years or becoming disabled or deceased, the full tax exemption will be granted.
A3: Permanent Employees ( > 2 year contract)
A3: No, employees can choose whether they want to apply for a provident fund or not.
A5: Saving rate: 4-8% of the salary (can be adjusted twice a year)
Contribution rate: 8% of salary
A6: Only can be done when membership has ended.
A7: 1. When? Only when membership ended
2. How? When members resign from the fund or resign from the university, conditions for receiving contributions are as follows:
| Membership lifetime | Contributions benefit when resigning |
|---|---|
|
< 3 year |
0% |
|
3-6 years |
50% |
|
6-10 years |
75% |
|
>10 years |
100% |
A8: The fund will be paid to the beneficiary specified in the beneficiary specification letter by the member.
A9: A letter of intent stating that if a member dies, whom the member wishes to give the fund to? After becoming a member, the beneficiaries can be changed as the member wished anytime.
A10: A/C Payee Only
A11: The fund management company will prepare a fund reporting report individually, notifying members twice a year (In June And December every year)
A12: Fund management companies are banks or financial institutions or legal entities that are licensed to manage provident funds under the law.
A13: Kasikorn Asset Management Company Limited since July, 1st 2012
A15: Yes, but not more than twice. The change will take effect every July and January of every year and must notify at least two months in advance.
