The Netherlands again took the top spot in 2019 with most workers benefiting from defined benefit plans based on lifetime average earnings.
Demographic aging has been especially rapid in Thailand compared with other major emerging Asian economies. The percentage of the Thai population aged 65 or over is expected to climb from around 10% at present to over 20% by 2030s.
Given that the Thai retirement system is ranked at the bottom of the list, those numbers mean that more than a quarter of Thailand’s people will be over 60 by 2030—and most of them will be poor, unless they have worked as civil servants, or in a very big company with voluntary social benefits.
The survey by the Melbourne Mercer Global Pensions Index 2019 of 37 nations, which covers almost two-thirds of the world’s population, uses 40 metrics to assess whether a system leads to improved financial outcomes for retirees, whether it is sustainable and whether it has the trust and confidence of the community, reports Bloomberg
The U.K. and the U.S. both earned a C+ grade, coming in 14th and 16th place respectively. Both could boost their scores by raising the minimum pension for low-income pensioners, according to the report.
Japan came in at No. 31 and was ranked with a D — a grade that reveals “major weaknesses and/or omissions that need to be addressed.”
A key recommendation included raising the state pension age as life expectancy continues to increase in the nation. Thailand was in the bottom slot and should introduce a minimum level of mandatory retirement savings and increase support for the poorest, the report said.
In Thailand, only those who work for the government system will receive a pension that is calculated from their salary.
For the majority, Thai citizens will receive pensions as follows, age 60-69 receives 600 THB/month, age 70-79 receives 700THB/month, age 80-89 receives 800 THB/month, age 90+ receives 1,000 THB/month. This number does not include income received from the Welfare Card, also called the poor person’s card in Thailand.
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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