Thailand is also aging...Retirement Age Raised To 65

Thailand, which has a severe aging population, has decided to raise the retirement age of the public and private sectors to 65.

According to Thai media on the 26th local time, Thai Labor Minister Pipat Ratchakit Praghan said he plans to raise the retirement age of the government and private sector.

The current retirement age is 60 for civil servants and employees of public institutions, and 55 to 60 for the private sector.

Thailand's life expectancy as of 2021 was 75.3 years, up more than four years from 2000, according to the World Health Organization, WHO.

If nothing is done at the moment, the Social Security Fund could be depleted within 30 years, Mr. Pippat said.

As a result, it explained that it aims to raise the retirement age and raise the return on operating social security funds to at least 5% next year from 2.3% to 2.4% last year.

The Labor Department also plans to amend the Social Security Act to extend social security benefits to 2 million migrant workers, including those from Myanmar and Laos.

Singapore, like Thailand, has also begun raising its retirement age to 63 from 2022, and is set to raise it to 65 by 2030.