The Finance Ministry is pushing for a mandatory provident fund intended to be a savings reserve for employees nationwide after voluntary provident funds were found to be inadequate.
Sittasri Nakasiri, director of the Portfolio Advice and Provident Fund Supervision Department at the Securities and Exchange Commission, said the country will become an aged society next year, so the public and private sectors are looking at ways to prepare people for retirement. An ageing society by definition is one where more than 14% of the population is over 65. In the next 10 years, the number of people aged 65 will exceed 20% of the population.
However, a voluntary provident fund does not live up to expectations, Ms Sittasri said. Currently, the number of provident fund members stands at 2,843,143, which makes up only 17.7% of all workers.
