BANGKOK, Thailand – Lawmakers Approve “Retirement Lottery” Bill with 427 Votes in Favor
Parliament, July 23 – A new savings initiative dubbed the “Retirement Lottery” has passed Thailand’s House of Representatives with 427 votes in favor, 1 opposed, 3 abstentions, and 4 not voting. The initiative aims to promote long-term saving among Thai citizens—particularly those who enjoy lottery games—by turning lottery purchases into guaranteed savings.
The bill, officially a revision of the National Savings Fund Act, was deliberated in Parliament with First Deputy House Speaker Pichet Chuamuangphan presiding. It had already passed review by a special House committee and was brought to the floor for final debate.
MPs overwhelmingly supported the initiative, seeing it as a new financial tool for Thais who enjoy gambling but often end up with losses. Several MPs proposed adjustments to allow early withdrawals rather than forcing savers to wait until age 60, noting that participants often begin saving during school or early career years and may need funds earlier for living costs.
Some MPs proposed raising the minimum age to buy the Retirement Lottery from 15 to 18. However, Deputy Finance Minister Paopoom Rojanasakul, who also chaired the special committee, defended the 15-year-old threshold. He emphasized that the Retirement Lottery is not gambling, as every baht spent becomes personal savings. Compared to similar products like government bonds—which can be purchased from age 7—he said 15 is appropriate for starting financial discipline.
To address early-access concerns, the committee added a provision allowing partial withdrawals before retirement. A future ministerial regulation will set the conditions. For example, if the saver has already accumulated enough for basic retirement living, the surplus may be withdrawn early. This approach balances savings discipline with financial flexibility.
Each Retirement Lottery ticket will cost 50 baht, with a monthly purchase limit of 3,000 baht per person. Paopoom explained this cap is designed to prevent wealthy individuals from dominating the system. Since the scheme is open to all Thai citizens aged 15 and up, the goal is to protect lower-income participants and ensure fair access.
One key motivation for launching the Retirement Lottery is to counter illegal underground lotteries, which drain money from households and the broader economy. “People are happy when buying underground lottery tickets but suffer when they lose. The money disappears into the black market,” said Paopoom. “With the Retirement Lottery, every baht becomes savings—it stays in the system and benefits the economy.”
The bill now moves forward after its passage in the third reading, and will soon be submitted to the Senate for further deliberation. (TNA)
