Thailand Considers Raising Retirement Age Amidst Ageing Crisis

[snoop1130]

Picture courtesy of baanlalisa.com

 

Thailand's Labour Ministry is in the midst of a fierce debate over a proposal to increase the retirement age from 55 to 65 years. This move, driven by Labour Minister Phiphat Ratchakitprakarn, aims to strengthen the financial stability of the Social Security Fund (SSF), crucial in providing pensions and medical coverage to the country's populace.

 

With experts warning that the SSF could be depleted within the next three decades due to an expanding elderly population and a dwindling workforce, the government is exploring measures to extend the fund's lifespan. Among these measures is the prospect of gradually increasing the retirement age and introducing optional retirement schemes.

 

 

 

In tandem, talks are underway to elevate the salary ceiling for SSF contributions, potentially rising to 23,000 baht by 2031, alongside urging a hike in the government's contribution from 2.75% to 5%. The SSF, Thailand's largest public fund valued at 2.65 trillion baht, supports 24 million members but faces scrutiny over its management.

 

The proposal has sparked national discourse about the future of retirement in Thailand, with government officials engaging all stakeholders in these pivotal discussions. As the country braces for an ageing population, the outcome of these deliberations will be closely watched both domestically and internationally, reported The Thaiger.

 

-- 2025-03-17

 

 

[tomazbodner]

Same problem World over with the same idea how to fix it - postpone it to next generation (except one country where social security is apparently a Ponzi scheme and should be privatised, so it can all be stolen immediately).

Now it makes me wonder - could that mean Thai retirement visa age requirement may also raise by a decade?