The World Bank has recommended numerous policies to Thailand’s new government that could help alleviate poverty and inequality for people in the country.
The World Bank offered policy recommendations to the new government on May 29, urging policymakers to improve social welfare schemes and retirement benefits. The bank proposes a series of reforms to retirement benefits and social security contributions. This includes extending the retirement age, decreasing the disparity between retirement age in public and private sectors, utilizing lifelong income as the foundation for calculating pension payments, and a variety of additional initiatives.
To provide sustainable financial support to vulnerable households and help reduce poverty, the World Bank advises the government to increase the spending on social assistance measures beyond the ones implemented during the Covid-19 pandemic. It also advised implementing more specific schemes and focusing resources on specific groups to effectively tackle issues and reduce the burden on the financial system.
The World Bank also advised officials to establish a more comprehensive monitoring system to ensure that resources and funds are used in an efficient manner and with transparency. It emphasized that these recommendations aim to strengthen social protection, improve welfare schemes, as well as ensure the sustainability of social security systems and retirement benefits. (NNT)