Government Promotes Savings for Retirement to Cope with an Ageing Society

The Government has been vigorously promoting savings for retirement to cope with the situation of Thailand’s becoming an ageing society.

 

Deputy Government Spokesperson Rachada Dhnadirek said that the ageing society issue had been included in Thailand’s national agenda, as the Government wanted to raise awareness about this issue, which concerns everyone.

 

Apart from promoting savings, she said, the Government is focusing on offering incentives to encourage employers to employ senior citizens, creating jobs for older persons working in the informal sector, enhancing their skills, extending occupational loans for them, and developing public health services to provide them with better care.

 

According to Ms. Rachada, the Prime Minister said on several occasions that savings should be promoted among all age groups to guarantee their income in the long run, so that they would have enough money to spend after reaching their retirement age.

 

The Cabinet on 30 March 2021 also approved legislation on the establishment of a national pension fund to promote savings for retirement among employees of all types in the formal sector.

 

It is expected that, in 2021, the number of Thai people aged 60 and over would account for 20 percent of the population. From 2023 onwards, Thailand will have one million older persons each year. The number of senior citizens in Thailand is likely to reach 28 percent of the population in 2031, when Thailand becomes a super-aged society.

 

A report on the situation of older persons in Thailand shows that Thai people are living longer than they did before. Life expectancy at birth for females and males is expected to increase from 80.4 and 73.2 years in 2020 to 83.2 and 76.8 years in 2040.

 

Source: The Government Public Relations Department