BANGKOK (NNT) – The Finance Ministry is considering additional incentives to increase members in the National Savings Fund (NSF) as Thailand is projected to become a “super ageing society” by 2031.
Finance Minister Arkhom Termpittayapaisith said increasing state contributions to the NSF and extending the maximum membership age to 65 years old from 60 as stipulated by law are among the considerations.
He said Thailand is projected to become a fully aged society this year, meaning 20% of the total population is 60 or older. The country is projected to be a super ageing society by 2031, meaning 28% of the total population is 65 or older.
Mr Arkhom said retirement savings are vital because 20 million informal workers in Thailand are without mandatory savings programs.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
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