Commission approves move to raise official elderly age to 65

[JAS21]

Does that mean my wife will have to give a lot of 600thb's back ....

[connda]

2 hours ago, ramrod711 said:

My wife is 48, she has been paying extra into the system for three years so that she will be eligible for an increased pension at 60. I wonder what will happen in her case?

 

[BestB]

3 hours ago, dcnx said:

That would be a jump, but it’s an easy move to ask for 1 - 1.5 million with little to no warning.

 

The thing is, you’re always on unstable ground here. What do you think the requirements will be in 10 years? How about 20? It’s not a problem TODAY, but what about when you’re 75 and in poor health, assuming you were even able to get insurance to stay in the first place.

 

Unless you’ve planned wisely, chances are most wont be able to hit whatever ridiculous requirements will be asked for then. Those retiring now will be in their 70s and possibly their 80s, good luck dealing with this nonsense at that age, especially with currency fluctuations, inflation, and whatever else unforeseen events happen.

I million gets you 20 year elite visa, which is not exactly flying out the door . So highly unlikely retirement would be 1 million, but an increase of up to 10% fairly feasible 

[oldrunner]

Remove all persons involved in this idiotic decision. A change in age eligibility might conceivable entail a year or two but certainly not 5 years. The piddling amount given to Thai pensioners compared to the legitimate THEFT by HISOs and those wearing wings and badges is already criminal. Need to buy another Carrier?; Oh I forgot, we never did finish the purchase of those SUBMARINES but first we need to dredge the Ocean so the Submarines conning towers don't stick out of the water. Oh well I'm not eligible but my wife and brother-in-law are. I get mine every month from the USA until the US treasury burns itself out.

[Damrongsak]

The US Social Security allows reduced retirement payments at 62.  "Full" retirement age was 65, then they gradually raised it in steps based on birth year.  Highest age is now 67.  I landed right at 66.  Seems like the bump from 60 to 65 is a bit drastic in this case.

[kickstart]

On 3/9/2019 at 3:36 PM, Felt 35 said:

Insane decision IMO, the elderly here get hardly nothing to live from already. Btw, my guess is that this also can have an effect on future regulations on retirement visas for foreigners!

You have forgotten something us farangs have been paying into a pension pot since we started work, as UK members would know you have to pay a stamp for 35 years to get a full pension.

Now here in Thailand how many rice farmers do you know that pay any form of income tax, no such thing as a free lunch, you have to pay in to get something out.

But the real reason is I think is a worldwide problem, not enough working that pays tax, to pay for any form of pension, the problem will only get worse Thailand has been cited as a country with a low birth rate, so in the future, the problem will only get worse.

And I think the way this government is spending money, new submarines high-speed trains, new BTS in Bangkok, as someone else said the coffers are running low.   

[RJRS1301]

On 3/9/2019 at 8:10 PM, Cheops said:

You think 60 is old? People can (in general) easily work until they are 65.

Depends on the industry, I would doubt that it is achievable for the construction industry especially in Thailand or any labouring job

[DrTuner]

Tiktok... when is this going to be applied to the "retirement" visas..

[DrTuner]

I figured out the pension plans from governments are ponzi schemes requiring the next generation to be larger sometime in my early 20's, since then I gathered my own retirement savings and tried to avoid those crappy schemes as much as possible. I retired before I hit 40. 

[RJRS1301]

20 hours ago, oldrunner said:

Remove all persons involved in this idiotic decision. A change in age eligibility might conceivable entail a year or two but certainly not 5 years. The piddling amount given to Thai pensioners compared to the legitimate THEFT by HISOs and those wearing wings and badges is already criminal. Need to buy another Carrier?; Oh I forgot, we never did finish the purchase of those SUBMARINES but first we need to dredge the Ocean so the Submarines conning towers don't stick out of the water. Oh well I'm not eligible but my wife and brother-in-law are. I get mine every month from the USA until the US treasury burns itself out.

Decisions made by public servants and politicians and academics who have probably not worked in the same physical environments as most older Thai persons, and have enjoyed the benefits of good health care, better diets and good housing.

 

[Neeranam]

On 3/9/2019 at 5:46 PM, connda said:

Boy that will piss my wife off.  Maybe she will change her mind about voting for Prayut if they are about to stiff her out of her 500 THB / month she is looking forward to. 

Pisses me off, one of the reasons I applied for Thai citizenship.

At least the UK allowed me to pay back ten years of pension contributions at a reduced price, £1500. If I pay ten more years(another £1500), I'll get a full pension despite only having worked in the UK for 5 years.

[KhunFred]

At 69, I wasn't particularly worried about qualifying.  ????

[nong38]

Shocking news for those approaching 60, I think they get 600bts a month has been that for as long as I can remember any news of an increase? The number claiming will plummet dramatically. I just hope the people realize what the Government have just done and call them to account at the ballot box, they ought to be ashamed of themselves punishing the weakest in society.