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Bangkok Post

Business

Many workers ill-prepared for old age

Arkhom Termpittayapaisith Thailand

A group of elderly people in Bangkok's Phra Nakhon district. Thailand is set to become a super-aged society in 2034 when the elderly proportion of the population is expected to reach 28%. (Photo: Wichan Charoenkiatpakul)

Finance Minister Arkhom Termpittayapaisith is concerned that more than 16 million informal workers have yet to participate in any savings scheme to prepare for life during retirement, even though Thailand is expected to become an aged society in the next two years.

He said that Thailand is now an ageing society as at least 10% of the population has been 60 years old or more since 2005. A total of 12.5 million people, or 19% of the population, is currently over 60. Thai people are also enjoying a longer life span.

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