BANGKOK, Thailand – The “Retirement Lottery” is set to launch in the fourth quarter of this year, offering 50-baht tickets that convert into savings returned at age 60.
During a session of the House of Representatives, Deputy Finance Minister Paopoom Rojanasakul explained the bill for the lottery, which is sponsored by the National Savings Fund (NSF). He stated the initiative is an innovative savings tool designed to address the country’s low savings rate by linking it to the popular interest in lotteries, under the principle that money spent is not lost but becomes savings.
The program is open to all Thai nationals aged 15 and above, including civil servants, military personnel, police, and workers in both formal and informal sectors. Each ticket offers a chance to win one of five top prizes of one million Thai baht or one of 10,000 second prizes of one thousand Thai baht. Draws will be held every Friday at 5:00 PM, with winnings transferred directly to the winner’s PromptPay account.
Regardless of winning, the full purchase price of every ticket is automatically deposited into the buyer’s personal NSF savings account. The accumulated amount is returned in full when the individual turns 60. Those over 60 can participate but must maintain their savings for five years before withdrawal. If a participant passes away, the entire accumulated sum is transferred to their legal heir.
Paopoom confirmed that a 60-day implementation period following the law’s enactment is sufficient for the Ministry of Finance and the NSF to prepare the necessary systems, ensuring the first draw will occur within the fourth quarter of this year. (NNT)
