The government is also planning to roll out additional job security packages for freelance and informal workers, reports state news agency NNT.
Deputy Government Spokesperson Rachada Dhanadirek asked people aged 15-16 years old to join the National Savings Fund scheme, which is open to people who are not full-time employees at a registered company.
The programme covers students, merchants, farmers, taxi drivers, freelancers, and Social Security contributors under Article 40 of the Social Security Act.
Each NSF participant is required to contribute a minimum of B50 or a maximum of B13,200, and the government is going to contribute up to B1,200 per year, Ms Rachada said.
The contributed amount is tax-deductible, while contributors will receive a wide range of benefits from health and accident insurances, and a retirement plan, in addition to the Social Security pension.
With a mission to improve the livelihoods of some 19.6 million informal workers, Ms Rachada said the Cabinet has approved in principle the draft informal worker’s welfare and protection bill.
Once enacted, this bill will ensure access to basic occupational rights, job safety, social security and the rights to unionize among informal and freelance workers.