The Labour Ministry of Thailand plans to raise the retirement age for both the private and public sectors to 65 due to improvements in healthcare and medical technology, according to the Bangkok Post.
Labour Minister Phiphat Ratchakitprakarn stated the plan to raise the retirement age came about due to today’s improvements in health care and advances in medical technology. The ministry also intends to amend the Social Security Act and expand social security benefits to cover 2 million migrant workers, including those from Myanmar, Laos and Cambodia.
Self-employed persons and workers in industries that are currently exempt from the social security system must be registered in the system under the amended law. These include taxi drivers, couriers, agricultural labourers, domestic workers and traders.
There is a proposed increase in contributions to the fund from employers and employees by 2 per cent each, with the government’s contribution at 2.5 per cent. The total contribution of all three parts will increase by 6.25 per cent. In addition, plans are being made to permanently adjust the wage and salary ceiling in line with the value of the currency.
The retirement age for civil servants and workers is now 60 years, while in the private sector it is between 55 and 60 years, according to the Labor Ministry. Life expectancy in Thailand has increased by more than four years since 2000 to 75.3 years in 2021.
