Thailand moves to raise retirement age to 65
Thailand has indicated plans to raise the retirement age for both private and government sectors to 65 years under an amended law.
The move is attributed to significant health and medical advancements in the country.
Labour Minister Phiphat Ratchakitprakarn confirmed this and also indicated improved provisions for self-employed persons and workers in industries.
These persons who were previously exempted from the Social Security system are expected to be registered with the system under the new arrangements.
Plans are also underway to increase contributions by 6.25% for all beneficiaries of the fund.
Other deals including wage ceiling and salary cap adjustments and conversion of fluctuating medical costs estimated at 60 billion baht ($1.78 billion) to a fixed cost are on the table.
Bangkok Post reports that the government will possibly also amend the Social Security Act and expand the social security benefit to cover 2 million migrant workers, including those from Myanmar, Laos and Cambodia.
Before this proposal, Thailand’s retirement age was 60 years for government officials and employees and between 55 to 60 for employees in the private sector.
