Regulatory Alerts2007-01-01 | act-pvd2007-no3.pdfAdded · Updated
Provident Fund Act (No. 3) B.E. 2550 (2007)
The Provident Fund Act B.E. 2530 is amended to define 'fund' as a provident fund and introduce 'single fund' and 'pooled fund' categories. It mandates that funds be established by employee-employer agreement and registered, specifying asset composition including savings, contributions, and transferred assets. The law requires fund managers to adhere to employee-assigned investment policies and segregate accounts by employer or investment policy. It sets a thirty-day deadline for lump-sum payments upon membership termination, establishes inheritance distribution rules for deceased employees, and permits installment payments for retirees while prohibiting the transfer or execution of fund claims.
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