March 2021
31Mar

Thailand plans new retirement plan to support its aging population

Thailand aims to create a new retirement program to support an aging population that will add about 1 million new retirees annually starting in 2023. Prime Minister Prayuth Chan-Ocha wants to ensure that Thais can receive income upon retirement, government spokeswoman Rachada Dhnadirek said Tuesday, after the cabinet approved in principle a new national retirement plan. The program will be mandatory for all employees who aren't participating in other retirement plans, she said. Read also South African retirement fund guidelines are...

March 31, 2021
News, Slider, , , ,
Read more...

November 2020

04Nov

Thailand. NSF aims to provide sustainable pensions for all

The National Savings Fund (NSF) targets a 10-year return of at least 3% for long-term investment in order to provide fund members with sustainable pensions. The voluntary retirement savings fund targets informal workers, and currently holds investments totalling 8 billion baht. Since its inauguration in August 2015, the NSF has registered an average return of 3%, with last year's return at 4.4%, said NSF secretary-general Jaruluck Ruengsuwan. Year-to-date return is 1.6% because of the current domestic and international economic...

November 4, 2020
News, Slider, , ,
Read more...

August 2020

21Aug

Life Insurance: The Savings Solution for the Thai Elderly

By sivalap sukpaiboonwat The main objective of this work is investigating life insurance is the alternative choice of savings for Thai elderly. The study uses primary data from research questionnaire by online survey from the 400 observations in December 2018. The statistics used in the analysis include descriptive statistics composed of the percentage. The research finds the first rank of financial planning is the bank deposit with 32.1 percent, the second rank is life insurance with 27.3 percent and...

August 21, 2020
Articles, Pension design, Savings, , ,
Read more...
12Aug

Thai Airways must pay B5.4bn in pensions

Debt-ridden Thai Airways International (THAI) will have to pay more than 1,600 employees pensions worth 5.4 billion baht over the next 13 years, according to a source at the airline. The revelation came as THAI puts together a debt rehabilitation plan -- which necessitates aggressive cuts to employee salaries and other expenses -- to be submitted to the Central Bankruptcy Court on Aug 17. It has also appointed six members of its board of directors to execute the plan....

August 12, 2020
News, Slider, , , , ,
Read more...

October 2019

28Oct

Thailand. Pensions need drastic reform

Becoming an aged society is a big challenge for Thailand, especially when it comes to welfare provided by existing pension schemes. According to the United Nations, a country with over 10% of its population aged 60 and older is an ageing society. When this group increases to over 20%, the country becomes classified as an aged society. In Thailand, as of 2015, 10.5 million people, or 16.2% of the 65.2 million population, were aged over 60. Siam Commercial Bank...

October 28, 2019
News, Slider, ,
Read more...

March 2019

14Mar

Thailand. NGOs call for universal pensions as key to women’s rights and development

As member states and NGOs are gathering at the UN in New York for the 63rd session of the Commission on the Status of Women (CSW), HelpAge International and its partners are calling for universal social protection for vulnerable older women. Around the world, women are more likely than men to live in poverty throughout their lives, to be disempowered socially and economically, and have their rights denied. Most of the world's older women struggle to survive and feed...

March 14, 2019
News, Slider,
Read more...

December 2018

10Dec

Human Movement Across Border: Key Ingredient Behind Thai Economy and the Future

By Akadet Chaichanavichakit (Waseda University, Graduate School of Asia Pacific Studies) Over the past 50 years, immigration has become a strong force throughout the world. Economic opportunity is among one of the most important factors expediting migrant’s decision to move. The destination countries, which in general have relatively higher level of economic development, usually share the same characteristics of intense labor demands, aging population, and declining birth rate. Therefore, migrant workers have become an important, or even integral, part to...

December 10, 2018
Aging, Articles, Labor Market, , ,
Read more...

August 2018

20Aug

Thailand. We’re not nearly ready for the ageing society

As the dwindling workforce compounds looming challenges, there are examples of sound measures to follow Thais are not ageing faster than other nationalities, but the challenges we face with the ballooning population of senior citizens are compounded by a tendency to retire early from the workforce and move into “slow life” mode. A recent report said Thailand could face a serious manpower crisis sooner than other countries with ageing societies. It’s become clear that the present and future governments will...

August 20, 2018
News, Slider
Read more...

January 2018

08Jan

Thailand. Ageing population gives rise to worries over pensions

Amid concerns about the sustainability of the Social Security Fund (SSF) due to an ageing population, the Social Security Office (SSO), which oversees the SSF, continues to lock horns with labour networks over how best to address the issue. The SSO's approach is to raise the cap of base salary for payroll deductions from 15,000 baht to 20,000 baht a month. This means the maximum deduction, which would be funnelled to the SSF, would rise from 750 baht to 1,000...

January 8, 2018
News, Slider
Read more...
08Jan

Securing the Future for Old Age in the Asia and Pacific Region: Short-Term and Historical Challenges

By Christian Aspalter (BNU-HKBU United International College, Zhuhai, China) This paper sets out to summarize major conundrums, and some of their solutions, in pension reform policy of the years ahead, with particular reference to the Asia-Pacific Region, and here again, Japan and Thailand. The repercussions for non-action pertaining to the reform and overhaul of public pension systems go far beyond the realm of social policy and economic development. The twin-issue of old-age poverty and fiscal sustainability of public pension systems...

January 8, 2018
Aging, Articles, Labor Market, System Sustainability, , , ,
Read more...