Employee Fund Comparison
| Employee Welfare Fund | Provident Fund | Social Security Fund | |
|---|---|---|---|
| Objective | To provide financial support to employees in cases of termination, retirement, resignation, contract expiration, or death. | To serve as a retirement savings plan for employees in cases of death, resignation, or withdrawal from the fund. | To provide benefits in cases of non-work-related injury, illness, disability, or death, including childbirth, child support, old age, and unemployment. |
| System Type | Mandatory | Voluntary | Mandatory |
| Eligible Establishments | Businesses with 10 or more employees, unless a provident fund is provided and employees are members, or welfare is provided as per ministerial regulations. | Businesses with at least 1 employee | Businesses with at least 1 employee |
| Source of Funds | 1. Employer contributions
2. Employee contributions |
1. Employer contributions
2. Employee contributions |
1. Employer contributions
2. Employee contributions 3. Government contributions |
| Contribution Rates | Each party contributes up to 0.5% of wages (per Labour Protection Act 1998). Currently, the rate is up to 0.25% from 01/08/2025–30/09/2030. From 01/10/2030 onwards, the rate is up to 0.5%. | As specified in fund regulations: not less than 2% and not more than 15% of wages. | Employer: 5% of wages
Employee: 5% of wages Government: 2.75% of wages |
| Contribution Base | Employee wages (as defined by labour law) | Employee wages | Employee wages
*Minimum base: 1,650 THB *Maximum base: 15,000 THB |
| Benefits | *Resignation
*Termination *Retirement *Contract expiration *Death |
*Resignation
*Withdrawal from the fund *Death |
*Injury/Illness
*Disability *Death *Childbirth *Child allowance *Old age *Unemployment |
| Fund Withdrawal Conditions | No conditions | Conditions as set by the fund, e.g., years of service or membership duration | Conditions as defined by law, e.g., length of contribution period |
| Administered By | Tripartite Committee under the Department of Labour Protection and Welfare, Ministry of Labour | Bipartite Committee of the Provident Fund; fund management company selected and supervised by the SEC | Tripartite Social Security Committee under the Social Security Office, Ministry of Labour |
| Contribution Submission | By the 15th of the month following wage deduction (5% monthly penalty for late submission) | Within 3 days from wage payment date (5% monthly penalty for late submission) | By the 15th of the month following wage deduction (2% monthly penalty for late submission) |
| Consequences of Employer's Non-Submission | Subject to penalties
*Labour inspector issues warning *If ignored, enforcement order may be issued to seize and auction assets to pay contributions |
No legal penalties | Subject to penalties
*Authorities issue warning *If ignored, enforcement order may be issued to seize and auction assets to pay contributions |