New retirement lottery scheme slammed by critics

Critics are arguing the new government’s proposed online lottery for retirement savings is a weaker tool for building savings than the previous administration's “retirement lottery” programme.

- WICHIT CHANTANUSORNSIRI

Former deputy finance minister Paopoom Rojanasakul said he is concerned that this is an attempt to avoid implementing the retirement lottery by merely changing the name and format, resulting in a less effective programme.

He said the online lottery for retirement savings is less efficient than the National Savings Fund’s (NSF) retirement lottery. Under the online lottery system, for each 80-baht ticket purchased, the Government Lottery Office (GLO) allocates a portion of its 17% share of sales revenue (normally used for administrative costs) to a savings account for the ticket buyer.

In practice, this means the maximum amount from an 80-baht ticket diverted to a savings account is roughly 13 baht, and likely it will be even less, said Mr Paopoom, also deputy leader of the Pheu Thai Party.