Political parties grapple with funding constraints for pension plans in run-up to general election

[webfact]

 

“Thailand will be a full-fledged aging society this year, as citizens 60 years old and above will represent 20 per cent of the total population,” said Worawan Plikhamin, deputy secretary-general at the National Economic and Social Development Council (NESDC), a state-run think-tank.

 

Senior citizens will comprise 30 percent of the country’s population in 2037, making the country a super-aging society.

 

The rising number of senior citizens offer both opportunities and challenges to the country. On the business side, there is scope for growth in healthcare services for the elderly, and more senior citizens may also enter the labour market. On the flip side, an aging society would lead to rise in medical expenses and cost of social services, putting a strain on the country’s fiscal budget in the future.

 

Full story: https://www.thaipbsworld.com/political-parties-grapple-with-funding-constraints-for-pension-plans-in-run-up-to-general-election/

 

-- © Copyright Thai PBS 2023-03-02

 

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[JoePai]

Err 60, should that not be 65 for old age ?

[realfunster]

1 hour ago, webfact said:

The rising number of senior citizens offer both opportunities and challenges to the country. On the business side, there is scope for growth in healthcare services for the elderly, and more senior citizens may also enter the labour market. On the flip side, an aging society would lead to rise in medical expenses and cost of social services, putting a strain on the country’s fiscal budget in the future.

 

Nice effort from the spin doctors to suggests some positives around this.

Thailand will be the first developing country to reach this aging society status.

It's causing numerous challenges in more advanced and wealthy economies, so we might expect even more here. 

It's going to be interesting to see what happens and how Thailand handles the labour, economic and societal impacts.

 

Watch this space....

[hotchilli]

2 hours ago, JoePai said:

Err 60, should that not be 65 for old age ?

Should be 55 in Thailand.. looking at some of them.

[hotchilli]

1 hour ago, realfunster said:

It's going to be interesting to see what happens and how Thailand handles the labour, economic and societal impacts.

Miss-handles is closer to the point.

[sammieuk1]

Is this about Prawits election campaign if not plenty of young Burmese left to exploit ???? 

[Andycoops]

Those in power have no policies or will ever do anything for the vast majority of elderly people in Thailand because they are too busy feathering their own nests to spend government money on pensions.

My uncle gets 600 baht a month a poultry sum and like the vast majority is supported by his children.

 

[zzaa09]

3 hours ago, hotchilli said:

Should be 55 in Thailand.. looking at some of them.

Should be 70.

Contra to the old standard stereotypes, Oriental-types age much better [and healthier] than their Occidental cousins. 

[rickudon]

On 3/2/2023 at 4:43 PM, Andycoops said:

Those in power have no policies or will ever do anything for the vast majority of elderly people in Thailand because they are too busy feathering their own nests to spend government money on pensions.

My uncle gets 600 baht a month a poultry sum and like the vast majority is supported by his children.

 

A laughable sum. The 600 baht a month Thai state pension represents just 2.5% of the UK 4 weekly pension. Yes, 2.5%. Thai pensions have a long way to go to catch up. 6000 baht a month would be reasonable.

[still kicking]

On 3/2/2023 at 1:56 PM, JoePai said:

Err 60, should that not be 65 for old age ?

Not in Thailand They work 24/7 

[still kicking]

19 minutes ago, rickudon said:

A laughable sum. The 600 baht a month Thai state pension represents just 2.5% of the UK 4 weekly pension. Yes, 2.5%. Thai pensions have a long way to go to catch up. 6000 baht a month would be reasonable.

Agree I live in OZ now my pension is about 33.000 baht per 2 weeks and yes food is not cheap here I only pay 5760 baht on rent per 2 weeks including water, so I am very well of living on a pension not according to one poster here. 

[jacko45k]

9 hours ago, rickudon said:

A laughable sum. The 600 baht a month Thai state pension represents just 2.5% of the UK 4 weekly pension. Yes, 2.5%. Thai pensions have a long way to go to catch up. 6000 baht a month would be reasonable.

You have to be fair, the full UK state pension requires 35 fully paid qualifying years of payment. How many does the Thailand 600 baht require? (Let us not mention that my UK pension is frozen, as it upsets me!)

Edited March 4, 2023 by jacko45k