Thailand Cabinet approves new retirement lottery system to encourage savings
The Thai Cabinet has approved the introduction of a retirement lottery system aimed at encouraging long-term savings for retirement.
Under this initiative, lottery purchasers will receive their original investment back at age 60.
The Deputy Finance Minister, Paopoom Rojanasakul, announced that this measure involves amending the National Savings Fund (NSF) Act to enable lottery ticket sales. The reform is designed to aid those who lack sufficient retirement savings, targeting members of NSF, the Social Security Fund, and even undocumented workers.
Lottery tickets will cost 50 baht ($1.45 US), with a maximum purchase limit of 3,000 baht ($87.21 US) per month, and draws will occur weekly with cash prizes distributed directly to winners' bank accounts. Each ticket purchase contributes to a savings account managed by the NSF, which will offer returns post-retirement.
Draws will take place every Friday at 5 p.m., with winnings paid directly to bank accounts via PromptPay services.
The lottery offers five first prizes of one million baht each and 10,000 second prizes of 1,000 baht each. All funds raised through ticket sales will be saved for the buyers, regardless of whether they win, and managed by the NSF until they turn 60. At that point, they can withdraw their savings with interest.
The Cabinet also approved allowing people older than 60 to purchase the retirement lottery, provided they agree to wait 10 years before accessing the funds.
