This is a report on the development of an automated precision load-based measurement setup for thermoelectric power (S) of different types of samples in the temperature range of 5-330 K. The problems in the old spring-based setup have been solved in this load-based setup. This setup takes nearly 4 h for each run, and the typical error is within 5%. High quality calibration has been demonstrated using high purity platinum wires and cylinders.