Whats ur thought on thailands employee retirement age at 55?

[villageidiotY2K]

Hello folks, whats ur thoughts on the subject?

I know most thais who work for thai companies they are hardcore working mon to saturday (yes every saturday)

And as I heard their retirement age is set at 55 yrs old, i do not think it enought to save up till their death???

cus they got like 30 yrs mortage and like 7 yrs loans on their ride and stuff.

 

i know there are upper income peeps as well like husband & wife both working eaching brining the bacon 100-150KB each totaaling 300KB per month

But for general plebs whos making 9K-30KB per month, how they gonna surive with no great incoming coming after the age of 55? 

im quite concerned for my thai acquaintances around me, (i dont want to bring this topic direct to them though, i might get stabbed or lose some teeth)

[2baht]

5 minutes ago, villageidiotY2K said:

But for general plebs whos making 9K-30KB per month, how they gonna surive with no great incoming coming after the age of 55? 

With great difficulty!

[BobDobbs]

It's an interesting question. The fact is you have equally needy young people perhaps more so coming up. The older folks have spent their time at the trough.

 

My wife's retirement age at her corporation is 55. It's a media company and so youth is valued and that's understandable. Target audience is 25 not 65. She can continue on at the employer's discretion on one year contract without health benefits.

 

Most jobs and most government jobs I believe the retirement age is 60.

 

It is extremely difficult for a foreigner to get work after 60 years old

 

Thai pension is for all intents and purposes non-existent. What is really interesting is all of the young people not having children any longer. So, prior a couple had a bunch of children and they kind of sort of cobbled together a bit of cash to help their parents. Now, there will be no children and no money there at all.

 

Funny, I was just thinking about this a month or two ago

[Photoguy21]

I think it should be an option but not compulsory 

[BobDobbs]

As an aside - I would like to add that I had seen some ticktock posters - Thai women. Posting pictures or posting pictures of them with their foreign boyfriend or like that. The comments were a lot of women some were definitely sketchy but some look like proper office workers. They are all chattering about how they should all try to find foreign husband. The kicker here is so many of them talked about their debts and how they they can't manage them. Others were like I like to find a foreign guy who can love me and support me and they seem quite genuine.

[Freddy42OZ]

16 hours ago, BobDobbs said:

Others were like I like to find a foreign guy who can love me and support me and they seem quite genuine.

I bet they are genuine about wanting a foreign guy to support them.   

[bob smith]

16 hours ago, BobDobbs said:

Others were like I like to find a foreign guy who can love me and support me and they seem quite genuine.

....doesn't sound very genuine to me!

 

sounds more like a witches/bar girls coven..

 

bob.

[AhFarangJa]

My Brother in law is a retired school headmaster. His pension is in the order of about 40K a month, maybe a bit more. He also "borrows" on his pension. For instance he will borrow 40,000 Baht, then pay it back by taking a reduction of 5k Baht per month for eight months. Rinse & repeat.

[2baht]

16 minutes ago, bob smith said:

....doesn't sound very genuine to me!

 

sounds more like a witches/bar girls coven..

 

bob.

Hubble Bubble toil and trouble...........avoid witches, Bob!

[Gsxrnz]

They set the retirement age at 55 way back before Y2K when life expectancy was about 65 for men and 75 for women.

 

As the personal tax take from the vast majority of the working population is minimal, and the pensions paid even less, the "retirement age" is not a critical expense on the national budget.

 

In the West, pension and medical expenses are usually the top expenditure for governments coming 1st and 2nd on the list.  In Thailand, they are on page 37 of the budget, just after spending on pest control at the parliament building.

 

Therefore in the eyes of the government, the official retirement age is just another irrelevant number.

 

 

[MalcolmB]

43 minutes ago, Freddy42OZ said:

I bet they are genuine about wanting a foreign guy to support them.   

I wouldn’t mind one myself

[fondue zoo]

Wasn't there talk of them raising the retirement age a while back?

[JimHuaHin]

About two-thirds of the workers are working in the informal economy, most of whom will work until they are too sick to work, unless they are lucky enough to have family to support them.

 

Thai government officials who have been lucky enough to save and buy their own home maybe ok in retirement.

 

The old Thai cultural practice of adult children supporting their aged parents is declining as these adult children are themselves often struggling to survive, and often times live far away from their aged parents.

[worgeordie]

Yes, I think they will do fine on the 600 Baht old age pension , if they don't eat ....

 

regards Worgeordie

[Thingamabob]

As technology progressively takes over the functions of many jobs there will be increasing numbers of people who will become reduntant well before reaching 55 years of age.

[newnative]

     I think 55 is way too young.  Three of my Thai in-laws work in banking in Bangkok and they all have, or had, to retire at 60, which also seems very young to require retirement.  None gets a pension.  Instead, they get a lump sum payment that has to last them for the rest of their lives.  That could be 30 years or more these days.

    I thank my stars that I don't have to live on a lump sum payment and try to stretch it till I die--and not knowing whenever that might be.  Luckily, I have a traditional pension with COLAs and Social Security.  To make their lump sum payments last longer, the in-laws have bought condos and a shophouse to rent out and bring in some income.  

[harryviking]

55 in Thailand seems like 65-70 in Western Europe. Alcohol consumption and smoking, plus some diabetes/heart failures, kills men of in their late 50s or early 60s. I have a close friend at 52 that just got throat cancer due to excessive drinking (Lao Khao) and smoking. Sadly not a rare thing.

[BobDobbs]

5 hours ago, bob smith said:

....doesn't sound very genuine to me!

 

sounds more like a witches/bar girls coven..

 

bob.

 

Well, who knows??

 

Certainly most seemed to have financial issues such as carrying debt. Others were discussing high costs of living, making g ends meet, their future. That seemed genuine.

 

All women are looking for security - especially middle aged women either divorced or outside their prime.

 

It's all genuine. I think it's more question of sincerity and what they are willing have / are bringing to the table.

[bob smith]

10 minutes ago, BobDobbs said:

All women are looking for security

what about high flying, high net worth businesswomen? 

 

what kind of security do you think they are looking for?

 

Can't be financial if they are earning in excess of 500K per anum..

 

bob.

[digger70]

On 7/24/2024 at 11:04 AM, 2baht said:

With great difficulty!

They will get a Miserable pension and than they must mostly rely on the goodwill of their children to help them to servive .

[BobDobbs]

There are fifty year old women working in pubs and bars on soi 4 and cowboy sure. Toy bar is granny heaven - but these birds on the soi their entire lives.

 

I just met one the other day that was 50 although that was just between us. I guessed her age as 50. I had to say I hope you're not offended but..50. she admitted to that - very well could have been 52. Kinda sexy still. I could see some drunken tourist maybe taking that back to his room for some stupid amount of money. She said she'd worked in a factory for 10 years her eyesight went and she found it boring af. My bar girl antenna tell me that might have been a bit of a fib. She looked pretty hard for only 10 years in. But that still serious time on the game

 

Stumble Inn has more than a few freelance birds well over 45.

 

Most informal jobs totally suck and many freelance jobs suck.

 

Poor, working even MC Thais get themselves into debt and I imagine miserable lives after 50.

[BobDobbs]

2 minutes ago, bob smith said:

what about high flying, high net worth businesswomen? 

 

what kind of security do you think they are looking for?

 

Can't be financial if they are earning in excess of 500K per anum..

 

bob.

 

What are you on about?!

 

I don't know

 

I was discussing only what I had observed in some dumbaxx TikTok post. That's it.

[bob smith]

2 minutes ago, BobDobbs said:

 

What are you on about?!

 

I don't know

 

I was discussing only what I had observed in some dumbaxx TikTok post. That's it.

You said 'all women are looking for security'. 

 

So I wanted to clarify what kind of security you were talking about.

 

That's all.

 

bob.

[BobDobbs]

2 minutes ago, bob smith said:

You said 'all women are looking for security'. 

 

 

🙄 Yes, in my opinion, as a GENERAL rule yes.

 

Even women making 500k thb per year.

[bob smith]

1 minute ago, BobDobbs said:

 

🙄 Yes, in my opinion, as a GENERAL rule yes.

 

Even women making 500k thb per year.

I meant USD and you know it.

 

don't be facetious.

 

bob.

[rickudon]

Forcing people to retire at 55 is madness these days. Apart from the hardened Lao Khao drinkers who have been day labourers most of their lives, and seldom make it past 60, many Thais these days live into their 80's. My M-in-L and F-in-L were both going strong until last year and were over 80. If not for the 2 daughters married to farangs there would be a crisis in the family; the other daughter is a teacher and married to another teacher, who are both reaching retiring age and still have debts and a worthless son who claims he is too sick to work (but still has 2 kids who have to be cared for); the only son of my FIL and MIL was not an academic and has a 100% disabled son, who requires 24 hour care - on a disability pension of 600 baht a month which does not even pay for the diapers he requires. Obvious who has to pay most of the utility bills and buy half the food - us farangs.

 

The pitiful pensions and the debt problems make retirement a dismal prospect for most.

[john donson]

On 7/24/2024 at 10:57 AM, villageidiotY2K said:

Hello folks, whats ur thoughts on the subject?

I know most thais who work for thai companies they are hardcore working mon to saturday (yes every saturday)

And as I heard their retirement age is set at 55 yrs old, i do not think it enought to save up till their death???

cus they got like 30 yrs mortage and like 7 yrs loans on their ride and stuff.

 

i know there are upper income peeps as well like husband & wife both working eaching brining the bacon 100-150KB each totaaling 300KB per month

But for general plebs whos making 9K-30KB per month, how they gonna surive with no great incoming coming after the age of 55? 

im quite concerned for my thai acquaintances around me, (i dont want to bring this topic direct to them though, i might get stabbed or lose some teeth)

 

you will remain the family's ATM, till you run out or die

[BobBKK]

The hypocrisy is that government officials can stay until 60.

There is no law - private companies decide it.

[FritsSikkink]

On 7/24/2024 at 10:57 AM, villageidiotY2K said:

Hello folks, whats ur thoughts on the subject?

 

And as I heard their retirement age is set at 55 yrs old,

I think you need to get your facts straight.

[BobBKK]

On 7/25/2024 at 7:59 AM, fondue zoo said:

Wasn't there talk of them raising the retirement age a while back?

 Who? Government officials retire at 60, when everyone's pension starts. Private companies want their older staff out and insist on 55 - there is no protection here.