Thailand considers raising pension eligibility age to 65

The Social Security Office (SSO) is considering a potential increase in the retirement age for pension eligibility in Thailand, from 55 to 65 years old. This idea comes from the International Labour Organization (ILO) and has been studied by the SSO since 2017. Marasri Jairangsee, the SSO secretary-general, mentioned that implementing this change would be legally complex. Currently, there are no proposed legal changes. This announcement follows comments from Labour Ministry spokesman Phumphat Muanchan, who described five key measures to ensure the Social Security Fund (SSF) remains sustainable. One of these measures includes gradually raising the pension age from 55 to 65. It would also allow voluntary retirement based on job type, income, and regional differences. Presently, workers can claim their old-age pension if they are at least 55, not insured under certain sections, and have contributed for at least 15 years. Marasri clarified that the proposal to increase the pension age is different from another amendment in progress. This amendment aims to raise the maximum age for new enrollees in Section 33 from 60 to 65, to address Thailand's aging population. In addition, the Labour Ministry is looking at increasing the wage ceiling for social security contributions from 15,000 baht to 23,000 baht by 2031. They also plan to raise government contributions from 2.75% to 5%. The investment returns for the SSF will adjust to 5% each year to maintain its long-term health. The SSF is Thailand's largest public fund, valued at 2.65 trillion baht. It supports 24 million members. Concerns about the fund's future have led to calls for reform, with the opposition People's Party accusing the SSO of mismanagement.