Thailand considers raising retirement age to 65

The Labour Ministry of Thailand is considering raising the retirement age from 55 to 65 and promoting voluntary retirement. This proposal aims to strengthen the financial stability of the Social Security Office as the country ages. The ministry plans to increase the monthly wage ceiling for contributions from 15,000 baht to 17,500 baht by 2027, with further increases planned through 2031. The government may also raise its contribution to the fund from 2.75% to 5%. The Social Security Fund, valued at 2.65 trillion baht, supports 24 million members. The fund has faced criticism for mismanagement, prompting discussions on policy changes that will involve input from all stakeholders.