To address the nation’s rising old population and manpower scarcity, Federation of Thai Industries (FTI) in Thailand has started negotiations about raising the retirement age above 55.
The FTI claims that adjustments to Thailand’s demographic structure necessitate a review of retirement age regulations. Recognising the significance of resolving this issue, the Ministry of Labour has indicated interest in reviewing the retirement age framework and is looking for feedback from the business community.
Vice-Chairman of the FTI Suchart Chantaranakaracha stated, “We discussed a proposal that will suit Thai society with the Labour Ministry. Authorities are asking for the FTI’s assistance since it has employment data on workers of all ages in different industries.
The Ministry of Labour will get a database that the FTI has assembled on Thailand’s ageing population, including senior staff, as part of its proactive participation in this initiative. Moreover, this database seeks to help in the creation of a strategy to improve the assistance and care given to senior adults.
The emergence of Thailand’s “aged society” as a debate starter. The 66 million individuals who call Thailand home are older than 60 in over 20% of the population.
One of the key concerns is the Social Security Office’s 55-year-old retirement age, which is a significant source of stress. The Social Security Fund now gets lower contributions while having a greater financial responsibility to provide benefits as a result of this.
Furthermore, organisations in the private sector have varied rules on the retirement age, with many sticking to the standard age of 55. According to the Bangkok Post, the FTI thinks that increasing the retirement age may be a workable option that would allow seniors to continue working in positions that matched their skills and expertise.
