Bangkok – Thailand’s national Legislative Assembly (NLA) subcommittee on society, children, women, the elderly, people with disabilities and the underprivileged has organized a seminar on retirement plans for informal workers, as a way to supplement welfare coverage.
Subcommittee chairman, Adm Ponlawat Sirodom, reported on the country’s labor statistics for 2017, which includes 16.9 million documented workers and 20.4 million informal workers. He said a large demographic of informal workers requires additional mechanisms from the government to ensure financial security into retirement. The government has therefore established the National Savings Fund to guarantee stable living for retirees.
The seminar concluded that legislation pertaining to labor protection and social security should be amended to cover informal workers, especially in terms of various compensations. Discussions included the possibility of a savings mechanism for informal workers beginning at the age of 30, which would yield them 1,000 baht per month after retirement to encourage saving habits and reduce the burden on the state.