According to the Federation of Thai Industries (FTI), Thailand’s growing old population is causing serious debate over raising the retirement age past 55 in order to accommodate a “aged society” and address the nation’s persistent labor crisis.
The Labour Ministry wants to raise the retirement age but needs additional data, particularly from the business community.
In order to assist the ministry in developing a strategy to better care for the old in Thailand, the FTI is compiling a database on the country’s senior citizens, including senior employees.
Vice-chairman of the FTI Suchart Chantaranakaracha stated, “We discussed with the Labour Ministry a proposal that will suit Thai society.
Authorities are asking for the FTI’s assistance because it has employment data on workers of all ages working in different industries.
According to the Thai Health Promotion Foundation, Thailand became an older society last year, with more than 20% of the 66 million people living there being 60 years of age or older.
According to media sources, the Social Security Office within the Labour Ministry set a retirement age for its Social Security Fund of 55, causing the fund to receive fewer payments while having to pay out more.
Until employees retire, the government, businesses, and employees all make monthly contributions to the fund.
There are 12–13 million Social Security Fund subscribers.
According to Mr. Suchart, companies in the business sector have different positions on whether the retirement age should be raised.
While different businesses have different retirement ages, many of them put the upper age limit at 55.
The FTI thinks it’s a good idea to raise the retirement age since it would allow seniors to work longer and help businesses complete tasks that are appropriate for their ages, he said.
According to Mr. Suchart, raising the retirement age is a ministry recommendation that should be given serious consideration given Thailand’s declining birthrates and labor deficit.