Thailand to raise retirement age to 65
Thailand's Labor Ministry plans to raise the retirement age for both private and government sectors to 65 years, the same as in Singapore and Switzerland, according to Labour Minister Phiphat Ratchakitprakarn.
Life expectancy in Thailand increases by more than four years to 75.3 in 2021 from 2000, according to World Health Organization data. Photo courtesy of AFP.
The ministry also plans to amend the Social Security Act and expand the social security benefit to cover 2 million migrant workers, including those from Myanmar, Laos and Cambodia, the minister said as quoted by local media.
Self-employed individuals and workers in industries currently exempt from the Social Security system are to be registered with the system under the amended law. They include taxi drivers, delivery riders, agricultural workers, domestic workers, and hawkers.
In addition, there is a proposal to increase the fund contributions from employers and employees by 2% each, with the government contributing 2.5%. The total contribution of all three parts would increase by 6.25%.
Plans to continuously adjust the wage ceiling and salary cap to align with the currency value were also underway, he said.
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