Employment with a retirement savings plan

[MrBrad]

My son is finishing his 3^rd year at a university here in Thailand.  In looking at his future, I’ve been wondering what sector of employment he should look toward, i.e., public, private, NGO, international corporation, self-employment, or what and where.  His major is immaterial regarding this matter.

 

Are IRAs (individual retirement accounts) or other savings plans as part of payroll deductions by employers a recognized practice in Thailand?  Where might one find an employer who even matches the percent of contribution--at least up to a certain percentage?  My thought is that if the employee were left to set up and contribute to his or her retirement account without the employer’s help and implementation, it wouldn’t get done.  It would be too easy to skip deposits as well as to dip into and deplete the funds long before retirement.

 

In particular, do you know if private or public/government universities offer and encourage retirement savings accounts for their employees?

 

Thanks for your advice.

[Upnotover]

It's quite normal for employers and employees to contribute to a Provident Fund.  Some more details on this banks website (just as an example).....

https://www.scbam.com/en/pvd

[MrBrad]

40 minutes ago, Upnotover said:

It's quite normal for employers and employees to contribute to a Provident Fund.  Some more details on this banks website (just as an example).....

https://www.scbam.com/en/pvd

Thank you, Upnotover; that's excellent information.

[scorecard]

50 minutes ago, MrBrad said:

My son is finishing his 3^rd year at a university here in Thailand.  In looking at his future, I’ve been wondering what sector of employment he should look toward, i.e., public, private, NGO, international corporation, self-employment, or what and where.  His major is immaterial regarding this matter.

 

 

Are IRAs (individual retirement accounts) or other savings plans as part of payroll deductions by employers a recognized practice in Thailand?  Where might one find an employer who even matches the percent of contribution--at least up to a certain percentage?  My thought is that if the employee were left to set up and contribute to his or her retirement account without the employer’s help and implementation, it wouldn’t get done.  It would be too easy to skip deposits as well as to dip into and deplete the funds long before retirement.

 

 

In particular, do you know if private or public/government universities offer and encourage retirement savings accounts for their employees?

 

 

Thanks for your advice.

 

I'm aware of one company which has a big operation in Thailand md in other countries:

- Tokio Marine.  (Ignore the 'marine' bit that ancient history.

- Giant in Japan, meets all the very serious continuous tests required to operate in Japan.

- They have a very big office in the Sathorn area of Bkk, in CM and in other big Thai regional centers.

- Plenty of English. Pleasant staff, very helpful, no push. 

- They offer many products including many diverse pension plans. Some quite different in set up to typical western plans. 

- Also car, health insurance plans.

[kingstonkid]

22 hours ago, MrBrad said:

My son is finishing his 3^rd year at a university here in Thailand.  In looking at his future, I’ve been wondering what sector of employment he should look toward, i.e., public, private, NGO, international corporation, self-employment, or what and where.  His major is immaterial regarding this matter.

 

 

Are IRAs (individual retirement accounts) or other savings plans as part of payroll deductions by employers a recognized practice in Thailand?  Where might one find an employer who even matches the percent of contribution--at least up to a certain percentage?  My thought is that if the employee were left to set up and contribute to his or her retirement account without the employer’s help and implementation, it wouldn’t get done.  It would be too easy to skip deposits as well as to dip into and deplete the funds long before retirement.

 

 

In particular, do you know if private or public/government universities offer and encourage retirement savings accounts for their employees?

 

 

Thanks for your advice.

 

I suggest that your son find a good-paying job as soon as possible. Once he does that, he can start his own savings plan. Consider that if you work at a company that has a Provident account but the job is crap, he will possibly be stuck there.    

 

Also, the accounts that they put the money into are the Thai stock exchange.  

 

To me, the best thing he or she can do is save money, then buy a property that they can rent out 

 

The idea is to gain cash flow so that you are not beholden.

 

The old adage of 

 

Go to school, get a good education 

Get a good job at a company with a pension plan

You are set for life is no longer valid

 

Especially here.

 

 

[scorecard]

20 minutes ago, kingstonkid said:

 

I suggest that your son find a good-paying job as soon as possible. Once he does that, he can start his own savings plan. Consider that if you work at a company that has a Provident account but the job is crap, he will possibly be stuck there.    

 

Also, the accounts that they put the money into are the Thai stock exchange.  

 

To me, the best thing he or she can do is save money, then buy a property that they can rent out 

 

The idea is to gain cash flow so that you are not beholden.

 

The old adage of 

 

Go to school, get a good education 

Get a good job at a company with a pension plan

You are set for life is no longer valid

 

Especially here.

 

 

 

OK, but a professional growth fund will bring better returns long-term.

 

Is there risk? Yes but there's risk in everything. But the very professional growth funds manage risk very closely and very well.

 

Buy a house and it could suffer a drop / a big drop in value because of the nearby neighborhood. Plus the market can be very volatile and the sell price go up, or go down because the area is longer popular etc. 

[scorecard]

22 hours ago, MrBrad said:

Thank you, Upnotover; that's excellent information.

But from my understanding not many Thai companies operate provident funds. Keep in mind that a provident fund needs well educated staff to plan / execute investments and if you take Thai bank interest on savings accounts as an example there returns are tiny. 

[kingstonkid]

5 hours ago, scorecard said:

 

OK, but a professional growth fund will bring better returns long-term.

 

Is there risk? Yes but there's risk in everything. But the very professional growth funds manage risk very closely and very well.

 

Buy a house and it could suffer a drop / a big drop in value because of the nearby neighborhood. Plus the market can be very volatile and the sell price go up, or go down because the area is longer popular etc. 

LOL you mention risk in growth funds and then do not realize that there are risks in housing rental.

 

Ther are a lot of people on here that are doing very well in rentals.  

 

Remember it is ot somuch the house's value as it is the monthly income.  10k a month is still 10k a month no matter what the property is worth.

 

The other question to ask is how many people got rich on just buying a managed fund.  

 

Managed funds usually at best equal the stock market andhave fees that can hurt.  

 

There are fees for owning ahouse but they are tax deductible I believe.

 

Again it is what you are looking for I would strongly suggest that instead of him settling for a fund, you educate him about his finances.  KIyosaki rich dad poor dad is a good place to start.

 

 

[scorecard]

3 hours ago, kingstonkid said:

LOL you mention risk in growth funds and then do not realize that there are risks in housing rental.

 

Ther are a lot of people on here that are doing very well in rentals.  

 

Remember it is ot somuch the house's value as it is the monthly income.  10k a month is still 10k a month no matter what the property is worth.

 

The other question to ask is how many people got rich on just buying a managed fund.  

 

Managed funds usually at best equal the stock market andhave fees that can hurt.  

 

There are fees for owning ahouse but they are tax deductible I believe.

 

Again it is what you are looking for I would strongly suggest that instead of him settling for a fund, you educate him about his finances.  KIyosaki rich dad poor dad is a good place to start.

 

 

 

I've rented houses before and learned the lesson from bad experiences to monitor that the  rent payments are always paid on time. One day late and an e.mail or SMS or phone reminder.

 

Also regularly (perhaps every 30 to 45 days) inspect the property for any damage, anything disappeared etc. It does happen. 

 

And I never give any rental deposit refund until I have proof that all bills are paid / cancelled, and I've done the inspection, and there's a written agreement who arranges and who pays for any repairs and an agreed completion date.  

 

If all is in order I transfer the refund the same day. 

 

My 2 worst experiences:

- A Russian family.

- A brit husband and wife. 

[KhunLA]

On 5/14/2025 at 10:54 AM, MrBrad said:

 His major is immaterial regarding this matter.

 

Why did he even bother wasting time & money at Uni ?

 

Agree with below ... companies could care less about employees.  You're on your own from day one.

 

Daughter is on her 3rd job in as many years, after Uni, and simply tolerating it, as pays better than first 2.   It will do while she builds here online & RE empire, for retirement.

 

9 hours ago, kingstonkid said:

 

I suggest that your son find a good-paying job as soon as possible. Once he does that, he can start his own savings plan. Consider that if you work at a company that has a Provident account but the job is crap, he will possibly be stuck there.    

 

Also, the accounts that they put the money into are the Thai stock exchange.  

 

To me, the best thing he or she can do is save money, then buy a property that they can rent out 

 

The idea is to gain cash flow so that you are not beholden.

 

The old adage of 

 

Go to school, get a good education 

Get a good job at a company with a pension plan

You are set for life is no longer valid

 

Especially here.