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Withdrawals before age 60 not allowed.
Byline: Wichit Chantanusornsiri
Jan. 4--Withdrawals from the proposed national pension fund will be prohibited before members reach retirement age of 60, according to a draft legal framework.
Pending parliamentary approval sometime this year, the fund would begin operating on Jan 1, 2007. It will be mandatory for all workers and will supplement existing private provident funds and the state-supported Social Security Fund.
Finance Ministry sources said it would be necessary to restrict early withdrawals to protect the goal of providing a financial cushion for retirees.
Provident funds, for instance, currently allow members to withdraw ...
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Source: HighBeam Research, Withdrawals before age 60 not allowed.