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Thailand’s population ages like fine wine, marking a global trend


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The global ageing population has seen a swift rise in the past three decades, with two-thirds of individuals over 60 residing in developing Asian countries. As of 2021, Thailand has officially become a fully aged society, with a fifth of its population aged 60 or above, as per World Health Organisation and UN data.

 

By 2031, Thailand is projected to transition into a super-aged society, with 28% of its population crossing the age of 60. Data from the Social Development and Human Security Ministry’s Department of Older Persons reveals that up to two-thirds of the Thai elderly lack sufficient income or savings for self-support. A mere 5% of the Thai elderly population has savings exceeding 1 million baht.

 

The government has employed various financial instruments to cater to the needs of this expanding demographic. These include the establishment of the National Pension Fund Act, which mandates Thai businesses to allocate provident funds for employees, and a National Savings Fund to promote savings among informal workers.


A reverse mortgage, another financial tool, offers funds for those who haven’t saved enough for retirement. This mechanism flips the conventional payment stream, with the lender making payments to the borrower. The borrower’s home serves as collateral in this arrangement.

 

Full story: The Thaiger 2023-10-30

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

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Thailand’s population ages like fine wine

What complete nonsense. Many a fine wine becomes absolutely undrinkable because it's been corked. Who comes up this BS? The majority of Thailand's eldery are living in poverty or close to it. Saved enough for their retirement? Yeah right! This article is propaganda. How about real social secruity and retirement benefits. Not a few thousand baht a month.

Edited by dinsdale
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