The Finance Ministry, in partnership with Krungthai Bank, has launched an app-based retirement savings service for self-employed workers through the Pao Tang digital wallet.
The new feature, “AOMPLEARN,” is designed for millions of Thai freelancers without pension plans, allowing them to automatically save a portion of their spending through the app. Savings are transferred to the National Saving Funds (NSF) program once they reach 50 baht.
Targeting Thai citizens aged 15-60 who are not covered by social security, the initiative is part of Thailand’s response to its aging population. The service encourages users to save for retirement by deducting small amounts from their daily spending, helping to mitigate the issue of household incomes being lower than expenses.
Krungthai Bank CEO Payong Srivanich noted that AOMPLEARN also aims to enhance financial literacy and supports the bank’s objective of developing a national digital platform for financial inclusivity.
The effectiveness of AOMPLEARN will be evaluated through a six-month survey by the Fiscal Policy Research Institute Foundation, with findings used to broaden saving options and provide additional incentives to participants. (NNT)