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Thailand Raises Retirement Age to 65 in All Sectors

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Thailand Raises Retirement Age to 65 in All Sectors

 

Thailand's Labour Ministry is increasing the retirement age to 65 for both private and government sectors, citing improved life expectancy and aligning with global standards. The ministry plans to amend the Social Security Act to include migrant workers and self-employed individuals, like taxi drivers and delivery riders, in the social security system. Contributions from employers, employees, and the government will increase by a total of 6.25%. Additionally, the ministry aims to convert variable medical costs into fixed expenses by involving insurance companies. Investment strategies will shift, aiming for a 5% return by 2025 to extend fund viability amidst an ageing population.

 

 

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