Retirement Lottery Receives Thai Cabinet Approval

[webfact]

 

The government's draft plan to initiate a pension lottery has received cabinet approval, marking a significant development for future retirees across the nation.

 

Deputy Finance Minister Paopoom Rojanasakul announced that the National Savings Fund, managed by the Ministry of Finance, will introduce the lottery specifically for its registered members, providing them with an opportunity to win cash prizes. However, before the lottery kicks off, an amendment to the National Savings Fund Act must be passed in parliament.

 

The pension lottery is set to run weekly every Friday. It will feature five First Prizes valued at one million baht each and 10,000 Second Prizes worth 1,000 baht each, bringing excitement to thousands of hopeful participants. The tickets, priced at 50 baht each, will be available for purchase 24/7 through the National Savings Fund's dedicated app.

 

In a bid to promote prudent financial habits, there's a monthly cap on ticket purchases: no member can spend more than 3,000 baht on the lottery. This measure aims to prevent excessive spending while still allowing a fair opportunity for all participants.

 

Importantly, the design of the lottery ensures a win-win situation for its participants. Any funds used to buy tickets, alongside other contributions, will be refunded to them upon retirement at 60, regardless of any lottery wins. This ensures that participants' savings are preserved and will be available to support them in their golden years.

 

Membership to the National Savings Fund is open to Thai citizens between the ages of 15 and 59 who do not currently receive government pensions or social security benefits. Members can contribute up to 13,200 baht annually, bolstering their retirement savings.

 

This innovative lottery scheme is seen as a step forward in enhancing retirement security, offering both excitement and financial stability for future retirees.

 

Picture courtesy: Thai Rath

 

-- 2024-07-17

 

Get our Daily Newsletter - Click HERE to subscribe

[CharlieH]

"All the money paid is returned"

Math don't seem right to me.Cant spend more than 3,000 per month, but max is 13,200 per year ? (Approx 260 per week )

 

So the money over 260 per wk, goes where ? Or shouldn't we ask 😉

[Geoffggi]

Government squeezing the lemon yet again ......!!!

[Tropicalevo]

deleted

 

Edited July 17 by Tropicalevo

[redwood1]

Forget the 401K  we have the retirement lottery baby.....

[Phulublub]

2 hours ago, CharlieH said:

"All the money paid is returned"

Math don't seem right to me.Cant spend more than 3,000 per month, but max is 13,200 per year ? (Approx 260 per week )

 

So the money over 260 per wk, goes where ? Or shouldn't we ask 😉

maybe this is two separate things...those without access to the Natioanl Penson Fund can contribute up to 13,200 per year.  In addition, any and all monies played on the lottery will be added to the person's National Pension Fund pot.

 

These articles foten lack critical proofreading and consistency.

 

PH

[ikke1959]

And that in a land where gambling is illegal and forbidden, except for the Government, and many are already addicted to gambling with high debts as a result... It looks attractive, but what will it be in reality????

Edited July 17 by ikke1959

[Gottfrid]

4 hours ago, CharlieH said:

"All the money paid is returned"

Math don't seem right to me.Cant spend more than 3,000 per month, but max is 13,200 per year ? (Approx 260 per week )

 

So the money over 260 per wk, goes where ? Or shouldn't we ask 😉

No, don´t ask that. I might land you in world of problems. 😉 

[hotchilli]

I guess a normal retirement fund/scheme is too difficult?

[RichardColeman]

9 hours ago, webfact said:

This innovative lottery scheme is seen as a step forward in enhancing retirement security,

 

If anyone believes that the money will be there when they retire in 20 years then they are more gullible than I give them credit for.

 

And 20 years of 'lottery contributions' will give you only 260,000 ish , if you actually get your money back, and you live another 20 years then you get maybe 30 baht a day ! I would not call 40 baht a day security in any way.

 

If they want to make this attractive then they need to add interest to your contributions - otherwise after prize cashouts, the government is stealing your interest 

[retarius]

15 hours ago, RichardColeman said:

 

If anyone believes that the money will be there when they retire in 20 years then they are more gullible than I give them credit for.

 

And 20 years of 'lottery contributions' will give you only 260,000 ish , if you actually get your money back, and you live another 20 years then you get maybe 30 baht a day ! I would not call 40 baht a day security in any way.

 

If they want to make this attractive then they need to add interest to your contributions - otherwise after prize cashouts, the government is stealing your interest 

Look, Richard, there is the cast iron guarantee from the Thai government. You don't seriously think the government would trick people? In 2060, what better guarantee could anyone want than to say the scheme was approved by the government quasi-elected in 2023 ? And this new scheme is for the rural people that want excitement in their lives every Friday. 

[hotandsticky]

16 minutes ago, retarius said:

Look, Richard, there is the cast iron guarantee from the Thai government. You don't seriously think the government would trick people? In 2060, what better guarantee could anyone want than to say the scheme was approved by the government quasi-elected in 2023 ? And this new scheme is for the rural people that want excitement in their lives every Friday. 

 

 

The haters will always hate.

[john donson]

as 90% of thai never paid any income tax...

[BKKKevin]

So basically the government wants to institutionalize gambling addiction… 

[hotandsticky]

7 minutes ago, BKKKevin said:

So basically the government wants to institutionalize gambling addiction… 

 

 

Other governments have managed it quite successfully.

 

 

Cambodia must be rolling in Chinese tax Dollars.