The Social Security Board (SSB) will form a task force to review past Social Security Fund (SSF) investments amid financial management concerns following the purchase of a building allegedly at an inflated price.
During its Tuesday meeting, the board, which comprises employers and employees, both contributors to the fund, discussed recent controversies relating to the office's investments and budget management.
The board meeting decided a task force should examine the fund's investment record.
The decision came after opposition MP Rukchanok Srinork exposed irregularities in the fund's purchase of SKYY9, a Bangkok building, allegedly at an inflated price which benefited a certain politician.
"In the past, neither the SSB nor investment subcommittee was involved in investment decisions," Montree Tirakothai, an SSB member representing employers, said.
The board is only informed about general investment categories, such as risky assets, secure assets, and domestic or international investments, he said.
The board is aware of investment returns, but it has no information about specific investment projects or the budgets involved, Mr Montree said.
"We would be inquiring if there was ever another investment similar to the purchase of SKYY9 in the past," he said.
The task force's tentative inquiry with the SSF's investment department is set for April 8, ahead of the full SSB meeting on April 10.
Meanwhile, Labour Minister Phiphat Ratchakitprakarn rejected speculation the SSF was facing financial difficulties.
He said the SSF's investment returns increased from 3.1% in 2023 to 5.34% last year, which was as targeted.
He said maintaining a 5% return annually for the next three decades was challenging, "but it would stretch SSF's lifespan for the next 55 years."
In the next 12 years, the SSF could also be running on a 6 trillion baht budget, he said, as he is also working with international experts to find ways to sustain the SSF.
"The labour minister's executives and the SSF would not misuse the insured's money.
"Instead, we will look after it and grow profits to increase benefits like support for medical visits and increasing retirees' pensions," he said.
