Thai govt seeks to prevent Social Security Fund collapse import tax

SUMMARY: Although it is projected that Thailand’s Social Security Fund will grow from 2.6 trillion baht to at least 4 trillion baht by 2034, the fund still lacks sustainability due to the current contributions to social security and Thailand’s transition to an aging society. Two approaches that could enhance the potential of the Social Security Fund include extending the retirement age from 55 to 60 and 65, allowing healthy elderly individuals to access employment and re-enter the Social Security system. Another approach is to foster cooperation and promote access to social security for migrant workers from neighbouring countries.

SOURCE: https://www.bangkokpost.com/thailand/general/2857537/thai-govt-seeks-to-prevent-social-security-fund-collapse