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[webfact]

Thailand’s Labour Ministry is set to extend the retirement age for both private and government sectors to 65 years, aligning it with countries like Singapore and Switzerland, announced Phiphat Ratchakitprakarn.

 

Phiphat stated that the decision to increase the retirement age is influenced by significant advancements in health and medical technology, which have improved life expectancy.

 

Additionally, the ministry plans to amend the Social Security Act to include approximately two million migrant workers from Myanmar, Laos, and Cambodia in the social security benefit scheme.

 

Self-employed individuals and workers in specific industries currently excluded from the Social Security system are also to be incorporated under the amended law. This category encompasses taxi drivers, delivery riders, agricultural workers, domestic workers, and street vendors.

There is also a proposal to raise fund contributions from both employers and employees by 2% each, with the government contributing an additional 2.5%. This would result in a total contribution increase of 6.25%.

 

Plans are in motion to adjust the wage ceiling and salary cap regularly to keep pace with currency value changes.

Phiphat revealed that the ministry is considering converting the Social Security Fund’s largest expense—currently variable medical costs, estimated at 60 billion baht annually, into a fixed cost. By transferring this financial responsibility to an insurance company, the Social Security Office (SSO) could manage floating costs more effectively and improve fund management.

 

The Social Security Fund aims for a return of at least 5% by 2025, an increase from the current 2.3 to 2.4% return in 2023. Achieving this target could extend the fund’s viability by an additional three to four years. Phiphat mentioned that the SSO’s international investments, particularly in the US and European markets, have generated returns of approximately 6 to 7%.

 

Next year, the SSO plans to invest around 65% of its fund in low-risk assets like government bonds and savings, while the remaining 35% will be allocated to higher-risk assets, including domestic and international stocks and real estate.

This marks a shift from the current investment ratio of 70/30. Phiphat emphasised the importance of proactive fund management to ensure sustainable growth amidst an ageing population and to secure the fund’s future financial stability.

 

Phiphat warned that failure to take these actions could result in the depletion of the Social Security Fund within the next 30 years, reported Bangkok Post.

 

by Mitch Connor
Image courtesy of Matichon

 

Source: The Thaiger 

-- 2024-10-26

 

 

 

[watchcat]

The  government is surely in problem, want to adjust the pension age to 65 for the measly pay of 600 baht/month. Just confess, the country is in deep trouble, and comparing the country with Singapore and Switzerland is a joke.

1 hour ago, webfact said:

the retirement age is influenced by significant advancements in health and medical technology, which have improved life expectancy.

 

Yes, and?  600baht/ month doesn't help.

Edited 17 minutes ago by watchcat

[KhunLA]

Moving the goal posts ... 5 yrs is a big jump.

 

A bit irrelevant, as the average life expectancy of someone born 65 yrs ago is only ~54 years old 

 

Born 60 yrs ago, and it's ~57 yrs old

[lordgrinz]

Yeah, I am sure the Thai's will enjoy being forced to work longer.

[mokwit]

People are living longer but the problems still start at the same age. Lifespan not healthspan.

[lordgrinz]

2 minutes ago, mokwit said:

People are living longer but the problems still start at the same age. Lifespan not healthspan.

 

Governments aren't worried about your health, just you money, and your compliance.

[transam]

Oh dear, there will be a lot of unrest over that.

Good ammunition for other Party's though.  

[watchcat]

Thailand raises retirement age to 65 for all sectors

 

That's great, people has to wait a few years more until they can get the measley pension of 600 baht/ month.

 

1 hour ago, webfact said:

Additionally, the ministry plans to amend the Social Security Act to include approximately two million migrant workers from Myanmar, Laos, and Cambodia in the social security benefit scheme.

 

And this dosn't help The tahi people, but it'll help them to build houses, because Thais are too lazy for manual labour.bankrupsy

Bankruptcy is near.