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Is the proposed lottery pension scheme a populist gamble?

Is the proposed lottery pension scheme a populist gamble?

Thailand is now officially an aged society, with the number of people aged over 60 reaching 13 million, making up around 20 per cent of the total population. An aged society comes with rising welfare cost for the economy. 

A previous survey by the Stock Exchange of Thailand found, alarmingly, that 31.3 per cent of the aged group do not have savings for retirement, while 53 per cent had savings of less than 200,000 baht each.  

Aware of this brewing crisis, the Finance Ministry has made plans to raise funds to support workers, especially those in the informal sector, by launching a pension lottery scheme.  

What is the pension lottery?

Deputy Finance Minister Paopoom Rojanasakul described the pension lottery scheme as the best tool to attract the attention of a large number of local workers. 

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