Thailand to Raise Retirement Age to 65

Thailand is exploring a shift to raise the retirement age for both public and private sector employees to 65 years old, prompted by advancements in healthcare and medical technology that have increased life expectancy.

Currently, government employees retire at 60, while retirement in the private sector ranges from 55 to 60.

This initiative is among several proposals under review by the Thai government to adapt to an aging population and changing demographics, as reported by Bloomberg.

Thailand’s Labor Minister Pipat Ratchakitprakarn highlighted that the government is also focused on enhancing the National Social Security Fund.

Plans include raising contribution rates from both workers and employers to secure stronger retirement benefits.

Additionally, the ministry aims to expand the social benefits system to cover two million migrant workers from neighboring Myanmar, Laos, and Cambodia.

The ministry is also considering adjusting Thailand’s annual healthcare expenses, which currently amount to around $1.78 billion, into a more stable and predictable budget.

According to World Health Organization data, Thailand’s life expectancy rose from just over 71 years in 2000 to 75.3 years in 2021.