Bangkok: The Teachers' Welfare Fund is taking significant steps to address the debt issues faced by educators by collaborating with the Government Savings Bank to provide 5 billion baht in low-interest loans. This initiative will begin with a pilot refinancing program across 10 provinces.
According to Thai News Agency, the Teachers' Welfare Fund (SKSC) is actively pursuing debt relief for teachers by harnessing the resources of the Government Savings Bank. The bank will provide 5 billion baht in low-interest loans through teachers' savings cooperatives in 10 provinces. This pilot program aims to improve financial liquidity for teachers and reduce their interest burdens under the Teachers' Welfare Loan Program, with plans to eventually expand the program nationwide.
Mr. Peerapan Hemarat, Secretary-General of the Teacher and Educational Personnel Welfare Promotion Committee (TEPC), disclosed that the collaboration between the Government Savings Bank and teacher savings cooperatives across 10 pilot provinces from four educational regions is geared towards resolving teachers' debt problems. The Government Savings Bank is set to expedite the provision of various assistance measures, with an initial allocation of 5 billion baht at a low interest rate. This funding will be directed towards teacher savings cooperatives, enabling them to offer lower-interest loans to their members, thus reducing expenses and enhancing financial liquidity for teachers and educational personnel.
The pilot project will initially roll out in 10 provinces: Krabi, Kamphaeng Phet, Chachoengsao, Chonburi, Chiang Rai, Nakhon Phanom, Nakhon Sawan, Samut Prakan, Suphan Buri, and Surat Thani. The Teachers' Welfare Fund (SKC) plans to extend this initiative to teachers' savings cooperatives across all 77 provinces. The collaboration among SKC, the Government Savings Bank, and teachers' savings cooperatives aims to assist borrowers and guarantors, facilitate debt mediation, reduce litigation, alleviate financial burdens, and promote financial discipline to sustainably enhance the quality of life for teachers.
Mr. Peerapan further revealed that from 2024 to 2025, the Teachers' Welfare Fund (SKSC) will continue working with the Government Savings Bank to assist teachers and educational personnel in overcoming debt challenges. This initiative has already led to interest reductions for over 230,000 teachers, amounting to more than 1.6 billion baht, and the restructuring of debt for 8,868 teachers, totaling 14.917 billion baht. The policy underpinning these efforts emphasizes "no lawsuits, no asset seizure, no auctions, and no bankruptcy proceedings." Additionally, over 22,000 teachers and educational personnel nationwide have received training in financial literacy, grounded in the philosophy of sufficiency economy.