webfact Posted March 30, 2021 Share Posted March 30, 2021 Photographer:Brent Lewin/Bloomberg By Randy Thanthong-Knight Thailand aims to create a new pension program to support an aging population that will add about one million new retirees annually starting in 2023. Prime Minister Prayuth Chan-Ocha wants to ensure that Thais can receive income upon retirement, government spokeswoman Rachada Dhnadirek said on Tuesday, after the cabinet approved in principle a new national pension fund. The program will be mandatory for all employees who aren’t participating in other pension plans, she said. Thailand’s official retirement age is 60 years at government agencies and many companies. Under the new pension program, both employers and employees will contribute, with minimum inputs ranging from 3%-10% of salaries depending on employment tenure. Full story: https://www.bloomberg.com/news/articles/2021-03-30/thailand-plans-new-pension-fund-to-support-its-aging-population -- © Copyright Bloomberg 2021-03-31 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates 2 Link to comment Share on other sites More sharing options...
Popular Post ThailandRyan Posted March 30, 2021 Popular Post Share Posted March 30, 2021 Hopefully it is not pilfered by greedy trough living insects in the government or those administering the funds. 7 Link to comment Share on other sites More sharing options...
Popular Post Swiss1960 Posted March 30, 2021 Popular Post Share Posted March 30, 2021 49 minutes ago, ThailandRyan said: Hopefully it is not pilfered by greedy trough living insects in the government or those administering the funds. Exactly my thoughts... another money/honey pot for the government... 3 Link to comment Share on other sites More sharing options...
Popular Post colinneil Posted March 30, 2021 Popular Post Share Posted March 30, 2021 3 hours ago, webfact said: [Prime Minister Prayuth Chan-Ocha wants to ensure that Thais can receive income upon retirement, government If Prayuts crowd are planning such a scheme, there must surely be something in it for them. When has Prayut ever shown concern for ordinary people? Never. 4 1 Link to comment Share on other sites More sharing options...
starky Posted March 30, 2021 Share Posted March 30, 2021 (edited) So the government is doing nothing except implementing a super fund for people that should have been done years ago and the majority of the already elderly population and worse those who don't work for a company will get nothing. And of course the government will tax the <deleted> out of the superfunds. Add to that on a working wage of maybe 300 baht a day you could work from when you were 15 till 65 and it wouldn't be enough to see you through your retirement years. So for example if you manage to pull down 15000 baht a month and manage to fluke the top rate at 10% and you work all year every year for 50 years you still won't even make a million baht. Edited March 30, 2021 by starky Link to comment Share on other sites More sharing options...
Popular Post wombat Posted March 31, 2021 Popular Post Share Posted March 31, 2021 2 hours ago, ThailandRyan said: Hopefully it is not pilfered by greedy trough living insects in the government or those administering the funds. Given other countries track record of pilfering pension funds i would guess that is a certainty 3 Link to comment Share on other sites More sharing options...
Artisi Posted March 31, 2021 Share Posted March 31, 2021 5 minutes ago, wombat said: Given other countries track record of pilfering pension funds i would guess that is a certainty It won't be guess, it is will...... 1 Link to comment Share on other sites More sharing options...
mikebell Posted March 31, 2021 Share Posted March 31, 2021 How long before first reports of corruption at the new trough emerges? 2 Link to comment Share on other sites More sharing options...
Popular Post ThailandRyan Posted March 31, 2021 Popular Post Share Posted March 31, 2021 4 minutes ago, mikebell said: How long before first reports of corruption at the new trough emerges? Tomorrow possibly. 2 1 Link to comment Share on other sites More sharing options...
Popular Post petermik Posted March 31, 2021 Popular Post Share Posted March 31, 2021 Talking about it and actually doing anything are two different things...talk is cheap here when it concerns the benefit of the ordinary people..... 4 Link to comment Share on other sites More sharing options...
Mops59 Posted March 31, 2021 Share Posted March 31, 2021 Only employees. And what about the grandma watching the grandchildren, because mom is working double shift and dad having a good time with wife next wife and forget about his children. Don't let them starve to death. Don't let them struggle in life. Give them a decent pension. Not THB 600 but enough to eat. Say THB 3.000 to start with. 2 Link to comment Share on other sites More sharing options...
LazySlipper Posted March 31, 2021 Share Posted March 31, 2021 (edited) Despite all the criticism, I really hope it will come true and that it won't be pilfered. My wife is currently working for an international company and they have nothing for her. No social security, no pension plan and no salary increase in the last two years while the foreigners there keep getting 2-5k a month salary increases every year. If I am not there my wife will have nothing left in her old age. As far as I am concerned, better to try something like this and pray it works than stand by and do nothing. I am not a fan of the PM and this country's heads of state at all... but driving from Bangkok to Pattaya and Banchang has become a lot easier despite everyone saying that the motorway would never be finished because of corruption. I really hope this can work. Edited March 31, 2021 by LazySlipper 1 Link to comment Share on other sites More sharing options...
trainman34014 Posted March 31, 2021 Share Posted March 31, 2021 Another 500 Baht per month then; lucky devils will be able to go on a spending spree ! 1 Link to comment Share on other sites More sharing options...
FritsSikkink Posted March 31, 2021 Share Posted March 31, 2021 4 hours ago, colinneil said: If Prayuts crowd are planning such a scheme, there must surely be something in it for them. When has Prayut ever shown concern for ordinary people? Never. He paid the rice farmers, which the "democratic" government failed to do. 1 2 Link to comment Share on other sites More sharing options...
khunPer Posted March 31, 2021 Share Posted March 31, 2021 Thailand's Social Security includes a pension plan, and there are some (extremely) small government pensions for those that have very little. Good to see some additional retirement savings plan coming up, so it's not only for those that have surplus to set aside in personal retirement funds. Hopefully the new plan will be as a fund with life long payouts generated from the gain, that has shown very successful in a number of other countries. A major problem with a government's general retirement payouts is that the income tax increases – if retirement payouts are not from a fund, then it's the taxpayers that pays for it – sometimes I wonder if those complaining about too small government support for the elder, are the same as those complaining about the level of taxation...???? Link to comment Share on other sites More sharing options...
RichardColeman Posted March 31, 2021 Share Posted March 31, 2021 8 hours ago, webfact said: Under the new pension program, both employers and employees will contribute, with minimum inputs ranging from 3%-10% of salaries depending on employment tenure. I have 2 major concerns about that. 1. Current uncontributing pension Thais I doubt will suddenly want to lose up to 10% of their income. 2. Companies will start lowering wages to cover their input, creating double wage whammy Link to comment Share on other sites More sharing options...
Popular Post NoshowJones Posted March 31, 2021 Popular Post Share Posted March 31, 2021 1 hour ago, khunPer said: Thailand's Social Security includes a pension plan, and there are some (extremely) small government pensions for those that have very little. Good to see some additional retirement savings plan coming up, so it's not only for those that have surplus to set aside in personal retirement funds. Hopefully the new plan will be as a fund with life long payouts generated from the gain, that has shown very successful in a number of other countries. A major problem with a government's general retirement payouts is that the income tax increases – if retirement payouts are not from a fund, then it's the taxpayers that pays for it – sometimes I wonder if those complaining about too small government support for the elder, are the same as those complaining about the level of taxation...???? How much has the unelected "PM"s personal fortune increased since he and his soldiers took the country in 2014? Millions, trillions? 5 Link to comment Share on other sites More sharing options...
Artisi Posted March 31, 2021 Share Posted March 31, 2021 1 hour ago, possum1931 said: How much has the unelected "PM"s personal fortune increased since he and his soldiers took the country in 2014? Millions, trillions? They're putting it away for their retirement plan so there is no need for them to apply for the government pension as they are thinking about and saving It for the poor people. 1 Link to comment Share on other sites More sharing options...
LukKrueng Posted March 31, 2021 Share Posted March 31, 2021 8 hours ago, colinneil said: If Prayuts crowd are planning such a scheme, there must surely be something in it for them. When has Prayut ever shown concern for ordinary people? Never. He took out yingluk in 2014 which is good, as if she'd stay on long enough there would have been nothing left 3 Link to comment Share on other sites More sharing options...
brain150 Posted March 31, 2021 Share Posted March 31, 2021 More Socialism as expected !!! Link to comment Share on other sites More sharing options...
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