Thailand Has the Worst Pension System Out of 37 Countries – Bloomberg Reports

by admin on October 28, 2019

horizon sunset skyline city skyscraper cityscape downtown asia landmark tower block high rise thailand hdr buildings bangkok metropolis condominium neighbourhood high rises urban area residential area geographical feature human settlement metropolitan area

Bloomberg reports that Thailand’s pension system is the worst out of 37 countries examined in the 2019 edition of the Melbourne Mercer Global Pensions Index.

Pension plans in the 37 countries were graded on measurements such as savings, employee rights, pension growth, and the overall growth of the economy.

Topping the pension rankings were the Netherlands, Denmark, and Australia respectively followed by Finland, Sweden, Norway, Singapore, New Zealand, and Canada.

Thailand’s pension system received a grade of “D” for what the report cited as an ineffective and ambiguous pension program.

The report stated that Thailand should introduce some form of mandatory retirement savings measures to remedy its pension system’s woes.

Under Thailand laws, only employees of the state are eligible for a pension tied to their salary.

Most Thai citizens have to rely on pensions ranging from 600-1,000 baht per month, which amounts to about $20-33.

One-in-three Thai workers are forced to continue working past retirement age due to insufficient savings and a poor pension program.

Read the full story here.

Comments on this entry are closed.

Previous post:

Next post: