August 2020

12Aug

Thai Airways must pay B5.4bn in pensions

Debt-ridden Thai Airways International (THAI) will have to pay more than 1,600 employees pensions worth 5.4 billion baht over the next 13 years, according to a source at the airline. The revelation came as THAI puts together a debt rehabilitation plan -- which necessitates aggressive cuts to employee salaries and other expenses -- to be submitted to the Central Bankruptcy Court on Aug 17. It has also appointed six members of its board of directors to execute the plan....

August 12, 2020
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October 2019

28Oct

Thailand. Pensions need drastic reform

Becoming an aged society is a big challenge for Thailand, especially when it comes to welfare provided by existing pension schemes. According to the United Nations, a country with over 10% of its population aged 60 and older is an ageing society. When this group increases to over 20%, the country becomes classified as an aged society. In Thailand, as of 2015, 10.5 million people, or 16.2% of the 65.2 million population, were aged over 60. Siam Commercial Bank...

October 28, 2019
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March 2019

14Mar

Thailand. NGOs call for universal pensions as key to women’s rights and development

As member states and NGOs are gathering at the UN in New York for the 63rd session of the Commission on the Status of Women (CSW), HelpAge International and its partners are calling for universal social protection for vulnerable older women. Around the world, women are more likely than men to live in poverty throughout their lives, to be disempowered socially and economically, and have their rights denied. Most of the world's older women struggle to survive and feed...

March 14, 2019
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December 2018

10Dec

Human Movement Across Border: Key Ingredient Behind Thai Economy and the Future

By Akadet Chaichanavichakit (Waseda University, Graduate School of Asia Pacific Studies) Over the past 50 years, immigration has become a strong force throughout the world. Economic opportunity is among one of the most important factors expediting migrant’s decision to move. The destination countries, which in general have relatively higher level of economic development, usually share the same characteristics of intense labor demands, aging population, and declining birth rate. Therefore, migrant workers have become an important, or even integral, part to...

December 10, 2018
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August 2018

20Aug

Thailand. We’re not nearly ready for the ageing society

As the dwindling workforce compounds looming challenges, there are examples of sound measures to follow Thais are not ageing faster than other nationalities, but the challenges we face with the ballooning population of senior citizens are compounded by a tendency to retire early from the workforce and move into “slow life” mode. A recent report said Thailand could face a serious manpower crisis sooner than other countries with ageing societies. It’s become clear that the present and future governments will...

August 20, 2018
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January 2018

08Jan

Thailand. Ageing population gives rise to worries over pensions

Amid concerns about the sustainability of the Social Security Fund (SSF) due to an ageing population, the Social Security Office (SSO), which oversees the SSF, continues to lock horns with labour networks over how best to address the issue. The SSO's approach is to raise the cap of base salary for payroll deductions from 15,000 baht to 20,000 baht a month. This means the maximum deduction, which would be funnelled to the SSF, would rise from 750 baht to 1,000...

January 8, 2018
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08Jan

Securing the Future for Old Age in the Asia and Pacific Region: Short-Term and Historical Challenges

By Christian Aspalter (BNU-HKBU United International College, Zhuhai, China) This paper sets out to summarize major conundrums, and some of their solutions, in pension reform policy of the years ahead, with particular reference to the Asia-Pacific Region, and here again, Japan and Thailand. The repercussions for non-action pertaining to the reform and overhaul of public pension systems go far beyond the realm of social policy and economic development. The twin-issue of old-age poverty and fiscal sustainability of public pension systems...

January 8, 2018
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October 2017

16Oct

Pensions extended to workers in Thailand

Cambodian migrants in Thailand are to earn pension benefits as they work abroad, Labour Minister Ith Samheng has announced. Meeting workers in Thailand yesterday, Mr Samheng said the government was discussing ways to make sure that migrants get equal access to pensions when they returned home. He said that all private sector employees would be eligible to the same pension benefits as civil servants from 2019. The Ministry of Labour is now in talks with the Thai government over how to...

October 16, 2017
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June 2017

26Jun

Thailand. State pension fund sees strong upside in local stocks

The Government Pension Fund will give more weight to the Thai shares in the second half, citing ramped up big-ticket infrastructure investment and the high price of foreign equities. Yingyong Nilasena, chief investment officer at the GPF, said Thai stocks have an upside potential as state spending in infrastructure projects will boost the country's GDP. This expanditure will increase local consumption and private sector expansion. Moreover, Thai stocks are laggards in the region, while stock prices in developed markets have skyrocketed. The...

June 26, 2017
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March 2017

27Mar

Thailand Government Pension Fund to Form Asset Management Unit

The Finance Ministry plans amending legislation to allow the Government Pension Fund (GPF) to form an asset management company to increase returns for members. Somchai Sujjapongse, permanent secretary for finance, aired the idea at the ministry on the 20th anniversary of the fund, which amounted to 758 billion baht in October last year. "The finance minister agrees with the plan... We are of the view the GPF is ready in terms of personnel who are able to manage investment in funds,"...

March 27, 2017
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