Social Security Fund Candidate Pushes for Transparency, Nine Reforms

Virulya Wongchan, candidate number 5 for the employer-side Social Security Committee and representative of the Social Security Development Team (SSD), has proposed measures to enhance transparency in social security fund management through Mark-to-Market investment disclosure—reporting investment values at current market prices—alongside nine reform initiatives designed to improve fund efficiency, reduce employer burden, and strengthen confidence among workers and employers.

Drawing from over 14 years of business experience starting from zero, Virulya observes that Thai entrepreneurs, especially small and medium-sized enterprises (SMEs), face rising costs in wages, financing, and social security contributions. "For employers, month-end is an expense, not income," Virulya stated. "We want to see social security as a mechanism that supports businesses while effectively protecting workers, because when businesses survive, employees gain security too."

Since employers continuously contribute to the social security fund, they should have a voice in shaping fund direction and access to adequate performance data, Virulya argues, promoting the concept that "employers should have rights, not just obligations."

The nine proposed reforms include: (1) reducing contribution rates to ease burden during economic slowdown; (2) promoting a 300,000-million-baht low-interest loan program for business liquidity; (3) increasing employer benefits aligned with contributions; (4) establishing nationwide employer assistance centers; (5) studying reduced rates for SMEs; (6) studying direct employer access to fund capital; (7) studying solutions for outstanding contributions and fairness for closed businesses; (8) studying contribution rates adjusted by business size; and (9) enhancing fund transparency through investor-friendly quarterly reports on returns, risk, investment allocation, fees, and performance.

On governance, Virulya proposes that the social security fund disclose Mark-to-Market valuations alongside book values, with quarterly reporting of returns, risk, investment composition, fees, and performance results to enable workers, employers, and the public to monitor fund management continuously. "The social security fund is a large fund built from employer, employee, and state contributions. Disclosing asset valuations at current market value increases transparency, builds confidence, and elevates governance to international standards," Virulya said.

The employer-side Social Security Committee election will be held on 27 September 2025, with the SSD fielding all seven candidates.