Extra (Now less) Cash For Thai Pensioners

[Big Boy]

Mrs BB updated her bank book this morning and there was a mystery 400฿ entry made on 19th July, so I guess that is the first installment + back money.

Just in time for our trip to Samui, it must be time to

[hhinner]

Yep. My wife too!

[handdrummer]

Mine too were all rolling in dough.

[buksida]

Thailand has the world’s worst pension system
Thailand often ranks highly in best destination polls and once again the Land of Smiles has come out on top – for having the worst pension system in the world. Iceland is ranked as having the world’s best pension while Singapore is No.1 among Asian countries as having the best pension.

The American asset management firm, Mercer, revealed the survey results of the 14th Mercer CFA Institute Global Pension Index last Friday, October 14.

Mercer surveyed 66% of the world population in 44 countries around the globe. The survey considered the pension system in each country in three aspects, including adequacy, sustainability, and integrity.

Thailand came 44th. The country was graded D and received 41.7 marks out of 100, which was under the average score of 63.0.

https://thethaiger.com/news/national/th ... ion-system

[Big Boy]

Whilst I agree Thailand's pensions are a joke, Mrs BB accepts her SMALL fortune every month. AFAIK she has never paid into any scheme, so receiving anything is quite remarkable to me.

When I think how much I had to pay in National Insurance in the UK, and the small non-index linked pension I receive, Thais have nothing to complain about. If they want more, they need to start paying for it at an early age.

[hhinner]

In Thailand government employees get a pension which is quite valued and probably explains why those in poorly paid professions like teachers tend not to change professions. I don't know how much it is but it's probably more than Mrs BB gets .

Non-government workers are also entitled to a state pension after they have completed 15 years work and paying into the social security fund. I can't remember the percentage of final salary this represents, but in 2004 the cap on monthly pension was 3,000 baht per month (I lost my job in 2004 after 14 and a half years, so didn't reach 15 years ).

Many companies nowadays have private pension schemes, as did mine back in 2004, which should provide more than the the state pension (as well as the state pension). So things are improving.

However the less well paid, such as those on minimum wage, will be stuck with the 3,000 baht state pension, assuming they manage to work for a company for 15 years and pay into the social security fund as is mandatory for all full-time employees and their employees.

While not in work it's possible to keep up social security payments on a personal basis, but I don't know how state pension rights are affected without there also being the employer contribution.

[Big Boy]

This isn't going to go down very well.

https://www.bangkokpost.com/thailand/ge ... draws-fire

Anybody receiving 1,000฿ or more each month, will lose their entitlement. In all honesty, what pensioner can honestly say they will be receiving less than 1,000฿ each month.

Mrs BB (who has no need for the 'benefit') was well P'd until I explained that it only affects those registered after 12 Aug this year.

What a state the country must really be in if they have to deprive their pensioners of a measly 600฿ each month.

[hhinner]

Maybe it's a punishment for voting for MFP which had the policy to give pensioners 3000 bt/month?

/s

[Suua]

"What a state the country must really be in if they have to deprive their pensioners of a measly 600฿ each month"

Absolutely....rings true from the article in the BP opinion section by the well respected economist CHARTCHAI PARASUK.
https://www.bangkokpost.com/opinion/opi ... g-cooking-

[buksida]

Govt blames cost for new payout rules on pensions
The government has defended new requirements for the receipt of the elderly allowance, which replaces universal welfare payments. It said the universal welfare payments were too great a burden on state coffers.

Cabinet secretary-general Natjaree Ananthasilp said that the risk of the new rules restricting access to assistance was raised at a cabinet meeting on Tuesday following vocal criticism.

Social Development and Human Security (SDHS) Minister Juti Krairiksh told the meeting that if the old criteria were not revised, the government would have to shoulder costs of up to 100 billion baht a year from 2025, not to mention other expenses incurred by Thailand's increasingly ageing society.

...

The old regulations saw local administration organisations pay universal monthly allowances of 600-1,000 baht to all elderly people, with 600 baht for people aged 60-69, 700 baht for people aged 70-79, 800 baht for people aged 80-89, and 1,000 baht for people aged 90 years and older.

The new regulation states that from Saturday, only elderly people with no income or insufficient income to cover their cost of living are entitled to the monthly allowance from the state.

https://www.bangkokpost.com/thailand/ge ... n-pensions

Translation: "junta needs that money to buy dilapidated Chinese submarines, tells people to stop getting old."

[lomuamart]

Why not just make sure that people pay their taxes, especially the better off? Sorry, naive.

If the above was possible, then government spending could reflect the "politics" of any party - more guns and ammo for the junta boys, more "support" for the less well off for the commies.

The population could vote according to their leanings and any "promses".

Oh wait, naive again. I'll close the door on my way out.

[Benroon]

Govt blames cost for new payout rules on pensions

Social Development and Human Security (SDHS) Minister Juti Krairiksh told the meeting that if the old criteria were not revised, the government would have to shoulder costs of up to 100 billion baht a year from 2025, not to mention other expenses incurred by Thailand's increasingly ageing society.

https://www.bangkokpost.com/thailand/ge ... n-pensions

Translation: "junta needs that money to buy dilapidated Chinese submarines, tells people to stop getting old."

I find it really hard to believe that given you will be hard pressed to find a thai female under 25 without at least one child, and the relatively low life expectancy in Thailand, that Thailand is an 'ageing society'! Me thinks he's talking garbage.

[buksida]

that Thailand is an 'ageing society'! Me thinks he's talking garbage.

In Thailand, 70 is the new 51

Based on the United Nations definition, a country is an Ageing Society when the share of the aged population (people aged 65 or older) is higher than 7% and is an Aged Society when this share rises above 14%. Once this share is over 20%, the nation is called a Super-Aged Society.

Following in the footsteps of Japan (1994), Hong Kong (2012), South Korea (2017), Taiwan (2019), and Singapore (2021), Thailand is the sixth economy in Asia to reach aged society status in 2022 with an Aged Population of 14.15%. In the last 20 years, Thailand has become an Ageing Society, having reached a 7.02% share of the population categorised as Aged in 2002. By 2031, Thailand is predicted to join Japan to become a Super-Aged Society, with over 20% of the population in the aged category.

https://www.bangkokpost.com/opinion/opi ... the-new-51

The more concerning notion is that the gooberment doesn't give a shit ... but that's hardly surprising given who comprises the govt (most of which are in that super-aged category themselves).