# Public Backs “Retirement Lottery” savings bonds

- Link: https://www.thailand-business-news.com/economics/164089-public-backs-retirement-lottery-savings-bonds
- Published: 2024-09-23T15:59:10+07:00
- Author: Boris Sullivan

The Ministry of Finance has announced the outcomes of a public consultation on the
proposed revisions to the National Savings Fund Act, held from August 16 to 30. 
The feedback focused on potential amendments, such as the launch of retirement savings
bonds, also termed as a “Retirement Lottery.”

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## Key Takeways

 * The Ministry of Finance conducted a public consultation on potential amendments
   to the National Savings Fund Act, particularly about introducing retirement savings
   bonds or a “Retirement Lottery.” About 99.05% of respondents endorsed this concept,
   where savings can accumulate regardless of bond outcomes.
 * Key feedback included that 92.45% believed funds should be returned at 60 years
   old, and 98.11% supported returning funds and investment returns to heirs if 
   the participant dies. Additionally, 80.2% favored receiving savings as a lump
   sum upon retirement.
 * Public suggestions involved extending participation age beyond 60 and broadening
   eligibility. The government is considering these inputs in its review process.
   The revised National Savings Fund Act is anticipated to be presented to the Cabinet
   from early to mid-October, aiming to widen its beneficiary base.

An overwhelming 99.05% of participants endorsed the idea, which permits savers to
build funds irrespective of the bond’s success. Furthermore, 92.45% concurred that
the money spent on these bonds should be reimbursed when participants turn 60 years
old, and 98.11% favored the option to bequeath the funds and any accrued returns
to heirs upon the bondholder’s demise. A majority of 80.2% expressed a preference
for receiving their savings in a single payment at retirement. Public suggestions
also proposed raising the age cap for contributions past 60 and broadening the eligibility
to include more than just informal sector workers. These proposals are currently
under governmental review. The draft of the National Savings Fund Act is slated 
for submission to the Cabinet in early to mid-October, aiming to extend the program’s
reach to a wider demographic.

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