No savings, huge debts: More and more Thai seniors struggling to survive

[webfact]

 

By Thai PBS World

 

Thailand expresses gratitude and respect for the older generation every year on April 13, National Elderly Day. Yet, every year the number of senior Thais in dire straits, struggling to survive without support or a safety net, rises.

 

A 2021 survey revealed that half of Thais aged 60 to 69 were still working to support themselves. Most of them were working as farmers, vendors, taxi drivers, delivery staff or doing odd jobs.

 

“The survey underlines the risk of a poverty crisis among elderly Thais,” said Dr Phusit Prakongsai, executive secretary of the Thailand Gerontology Research and Development Institute (TGRI).

 

Thailand’s aging society

 

More than 20% of the Kingdom’s 66.7 million people are currently aged over 60. In Thailand, anybody who crosses the 60 threshold is identified as elderly. Once a citizen reaches 60, they are eligible for monthly state subsidies of 600 baht. The subsidy rises after every decade, with those aged over 90 eligible for payments of 1,000 baht every month.

 

Full story: https://www.thaipbsworld.com/no-savings-huge-debts-more-and-more-thai-seniors-struggling-to-survive/

 

-- © Copyright Thai PBS 2023-04-14

 

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[Lee65]

And the elderly typically do not & cannot bury their noses in their phones to distract themselves from Thailand's brutal reality ...

[itsari]

If there is going to be any improvement in the care of the old people in Thailand there has to be higher taxes imposed . 

Therefore there will be no change any time soon .

A nation is gauged on how the country cares for the old people .

Thailand is low in the list .

[rabiedabruce]

26 minutes ago, Lee65 said:

And the elderly typically do not & cannot bury their noses in their phones to distract themselves from Thailand's brutal reality ...

What? The FACT that it is the most inequitable country on the planet? Wonder why that is ..

[BritManToo]

Plenty of elderly in the UK would like to retire age 60, but our civilised country wants us to wait until 67. Is Thailand really that bad? 

[Will B Good]

Money lending is rife around where we live......so many living hand to mouth.......interest rates are extortionate 2/3 % per month!!!

 

I don't get involved, but the wife has 250,000 out on loan.

[Gaccha]

Thailand, in line with many countries around the world, is getting older.

 

State Pensions found in European countries are staggeringly expensive; in the UK, welfare benefits are a rounding error compared with the cost of State pensions. And the problem just increases as the elderly portion of the population increases.

 

The only possibilities for even wealthy Western countries are to either cut pensions, place the burden on their children or raise the age of entitlement. 

 

It is implausible that Thailand can do anything except a very modest increase in the pension. 

[Tropicalevo]

1 hour ago, Gaccha said:

Thailand, in line with many countries around the world, is getting older.

 

State Pensions found in European countries are staggeringly expensive; in the UK, welfare benefits are a rounding error compared with the cost of State pensions. And the problem just increases as the elderly portion of the population increases.

 

The only possibilities for even wealthy Western countries are to either cut pensions, place the burden on their children or raise the age of entitlement. 

 

It is implausible that Thailand can do anything except a very modest increase in the pension. 

Sad but true.

[billd766]

2 hours ago, BritManToo said:

Plenty of elderly in the UK would like to retire age 60, but our civilised country wants us to wait until 67. Is Thailand really that bad? 

Try living on 600 thb anywhere in Thailand without family support for a month then come back and tell us all if Thailand IS really that bad. In GBP that works out at 50p per day.

 

In the UK the 2023 pension is a maximum of 

 

https://www.gov.uk/new-state-pension/what-youll-get#:~:text=The full new State Pension,delay) taking your State Pension

 

The full new State Pension is £203.85 per week.

The only reasons you can get more than the full State Pension are if:

you have over a certain amount of Additional State Pension

you defer (delay) taking your State Pension

If you reached State Pension age before 6 April 2016, you’ll get a different amount under the basic State Pension rules.

 

That is around 8,562 thb per month compared to 600 thb in Thailand. There are also other support mechanisms that can be claimed.

 

Yes, Thailand really IS that bad.

[paddypower]

2 hours ago, Will B Good said:

Money lending is rife around where we live......so many living hand to mouth.......interest rates are extortionate 2/3 % per month!!!

 

I don't get involved, but the wife has 250,000 out on loan.

Why would anybody give you a thumbs up, unless the real story is that your wife loans money at reasonable rates?. we loan interest free, or outright donate, but that's because we are a western retired couple.

[dinsdale]

2 hours ago, Gaccha said:

Thailand, in line with many countries around the world, is getting older.

 

State Pensions found in European countries are staggeringly expensive; in the UK, welfare benefits are a rounding error compared with the cost of State pensions. And the problem just increases as the elderly portion of the population increases.

 

The only possibilities for even wealthy Western countries are to either cut pensions, place the burden on their children or raise the age of entitlement. 

 

It is implausible that Thailand can do anything except a very modest increase in the pension. 

You did see how much pensions are. Govt workers get more than this but Bt600 a month? Gone in a day. Bt600 a day is not that much to live on but Bt600 a month is basically nothing. Bt20 a day.

[alien365]

41 minutes ago, billd766 said:

 

That is around 8,562 thb per month compared to 600 thb in Thailand. 

Don't you mean per week? At just over £200 per week the UK pension would be about 37.5k per month compared to ฿600. 

[hotchilli]

4 hours ago, webfact said:

A 2021 survey revealed that half of Thais aged 60 to 69 were still working to support themselves. Most of them were working as farmers, vendors, taxi drivers, delivery staff or doing odd jobs.

 

“The survey underlines the risk of a poverty crisis among elderly Thais,” said Dr Phusit Prakongsai, executive secretary of the Thailand Gerontology Research and Development Institute (TGRI).

While the Jnnta and elite live a life of luxury in their Ivory palaces.

[billd766]

24 minutes ago, alien365 said:

Don't you mean per week? At just over £200 per week the UK pension would be about 37.5k per month compared to ฿600. 

You are correct, An error on my part, which make the Thai state pension even worse.

[itsari]

4 hours ago, BritManToo said:

Plenty of elderly in the UK would like to retire age 60, but our civilised country wants us to wait until 67. Is Thailand really that bad? 

Not so bad in Thailand when you can get 1000 baht a month at 90 years of age .

Just see what you mean .

[itsari]

4 hours ago, Gaccha said:

Thailand, in line with many countries around the world, is getting older.

 

State Pensions found in European countries are staggeringly expensive; in the UK, welfare benefits are a rounding error compared with the cost of State pensions. And the problem just increases as the elderly portion of the population increases.

 

The only possibilities for even wealthy Western countries are to either cut pensions, place the burden on their children or raise the age of entitlement. 

 

It is implausible that Thailand can do anything except a very modest increase in the pension. 

Yes, just get the so called illegal migrants working and forget Rwanda 

[Cake Monster]

In Years to come, the situation of the elderly being in Debt is going to become a major issue for the Government.

Money is being loaned out now to 30 + Year old people, for property purchase that has a 40 Year repayment term.

That means the Loans are payed off when the person reaches an age of around 70 Years +. Many, if not all of these people will have ben retired from their Jobs at at maybe 60 Years of age or less, leaving 10 Years or so of minimal earnings

[Jingthing]

3 hours ago, Tropicalevo said:

Sad but true.

It's not true.

In the US the solution will be to raise the income cap to collect pension tax.

Raising the age unfairly punishes the poor and minorities who on average die much earlier.

[itsari]

5 hours ago, Will B Good said:

Money lending is rife around where we live......so many living hand to mouth.......interest rates are extortionate 2/3 % per month!!!

 

I don't get involved, but the wife has 250,000 out on loan.

Is charging more than 15 percent a year considered illegal in Thailand ?

[Gknrd]

Same here in the US. I live in a huge city and older people are living on the streets. I have an old childhood friend that is mowing yards at 65 to help supplement SS. Have another childhood friend that is living in a small camper trying to survive. 

[connda]

If banks were not predatory they wouldn't extend usurious loans to people who probably can't pay them back.  Essentially banks are guaranteeing a life-time of debt slavery for those whose wants exceeds their needs.  Consumer beware.

[digger70]

The problem is that most people don't pay tax and are registered for Social security so there's not enough money in the states coffers to give a Decent Pension. 

But enough money to buy toys, Subs/Planes /army Vehicles 

[proton]

7 hours ago, Will B Good said:

Money lending is rife around where we live......so many living hand to mouth.......interest rates are extortionate 2/3 % per month!!!

 

I don't get involved, but the wife has 250,000 out on loan.

Our friend was a money lender, died of covid last year, the debtors held a party!

[zzaa09]

8 hours ago, rabiedabruce said:

What? The FACT that it is the most inequitable country on the planet? Wonder why that is ..

Not so. Not even close.

Another make believe ideal presented as factual and real.

[Gaccha]

3 minutes ago, zzaa09 said:

Not even close.

Correct. 

 

Thailand is the 98th most unequal country in the World. South Africa holds the dubious distinction of being number 1. Even "Communist" Lao comes higher than Thailand. The UK is... 94th. 

[ikke1959]

but holidays, replacing holidays, extra holidays, very low salaries and very long working hours and no social funds.... On the other hand the most rich man of the world and the pocket filling  Government doesn;t care about them at all..The new Government will do nothing too unless big changes are made, but with the army in the background control it will be very difficult

 

[zzaa09]

8 hours ago, Will B Good said:

Money lending is rife around where we live......so many living hand to mouth.......interest rates are extortionate 2/3 % per month!!!

 

I don't get involved, but the wife has 250,000 out on loan.

Oh dear.

That's on you as well. 

[SunsetT]

3 hours ago, Gknrd said:

Same here in the US. I live in a huge city and older people are living on the streets. I have an old childhood friend that is mowing yards at 65 to help supplement SS. Have another childhood friend that is living in a small camper trying to survive. 

God bless the USA....The greatest country in the World!

[itsari]

55 minutes ago, ikke1959 said:

but holidays, replacing holidays, extra holidays, very low salaries and very long working hours and no social funds.... On the other hand the most rich man of the world and the pocket filling  Government doesn;t care about them at all..The new Government will do nothing too unless big changes are made, but with the army in the background control it will be very difficult

 

Many pensionists from the west would have problems to afford living in Thailand if taxes were raised to keep the Thai  elderly in a acceptable way .

[Gaccha]

3 hours ago, Gknrd said:

Same here in the US. I live in a huge city and older people are living on the streets.

USA is considerably more unequal than Thailand, coming in at the 47th most unequal in the World.

 

This is only possible because of massive levels of government propaganda to support the extreme neoliberalism.

 

This incapacitates Americans from noticing, by telling them how evil the alternative of  "socialism" is, or deflecting blame by pointing out Mexicans "r takin' r jobs".