ASIATODAY.ID, JAKARTA – The Thai government plans to raise the retirement age to 65 years as life expectancy in the country increases.
Based on WHO data, life expectancy in Thailand has grown to 75.3 years as of 2021. This figure is compared to 71 years in the 2000 era.
Reported by the Bangkok Post, Sunday, October 27, 2024, the change in retirement age is one of the labor market and social security reforms prepared by the White Elephant Country.
Minister of Manpower Phiphat Ratchakitprakarn said that the government wants to increase contributions from workers, employers, and the state to the national social security fund. His party also plans to expand the social security system to reach 2 million migrant workers in the country who are predominantly from Myanmar, Laos, and Cambodia.
The ministry is also considering setting medical costs which are currently fluctuating. Every year Thailand spends around 60 billion baht on social security.
For information, the retirement age for Thai government officials and employees is currently 60 years old. The retirement age for private employees ranges from 55 to 60 years old. (ATN)
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