Giving seniors another chance

Elderly people may need to return to work as the population ages, write Mongkol Bangprapa and Aekarach Sattaburuth

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With one in five Thais now aged over 60, experts are saying the country will face an irreversible demographic crisis if the government doesn't roll out the necessary safeguards to ensure the welfare of its senior citizens.

According to Nonarit Bisonyabut, senior research fellow at the Thailand Development and Research Institute, in the next decade, senior citizens will account for 27% of the entire population. Despite the alarming figure, the government isn't doing enough to support the nation's growing elderly population, he said.

Most senior citizens in Thailand typically depend on their families for support after retirement. However, the nation's declining birth rates, coupled with a longer life expectancy, means a child may end up taking care of not only their parents, but also their grandparents. The number of elderly people without children or close relatives to care for them is also increasing, exacerbating the problem.

Given current trends, state welfare systems are unlikely to be able to keep up and provide an adequate safety net for the elderly. The social security fund's pension scheme, for instance, is already shrinking and old-age allowances require an enormous budget that the state may not be able to afford.

"We're growing older before we are rich," said Mr Nonarit.

In many developed countries, better healthcare allows people to work until they reach the age of 65 or more before retirement. In developing countries, meanwhile, employment typically ends at 60.

In Thailand, however, a lot of people retire at 55 or as early as 50, because of policies allowing people to collect their pension and benefits from age 55. This encourages many, despite being able to work, to retire early to get lump sums of money and pursue other interests.

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