Author Topic: Official elderly age raised to 65  (Read 818 times)

Offline thaiga

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Official elderly age raised to 65
« on: March 09, 2019, 09:10:23 PM »
people are living longer all the time.
what happened yesterday, hmm can't remember. but we never forget our childhood sweetheart.  Long & happy life i hope you live

here's an indication below, the same in the world over, that people are living longer all the time.


Commission approves move to raise official elderly age to 65

The National Elderly Commission has agreed to raise the official age of elderly people in Thailand from 60 to 65, Social Development and Human Security Minister Anantaporn Kanjanarat said.

The elderly age is used by the government to determine eligibility for a monthly allowance.

full article nationmultimedia.com
Anyone who goes to a psychiatrist should have his head examined.

Offline Johnnie F.

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Re: Official elderly age raised to 65
« Reply #1 on: March 09, 2019, 10:16:01 PM »
Commission approves move to raise official elderly age to 65

The National Elderly Commission has agreed to raise the official age of elderly people in Thailand from 60 to 65, Social Development and Human Security Minister Anantaporn Kanjanarat said.

The elderly age is used by the government to determine eligibility for a monthly allowance.

Worse in many Western countries like Germany and USA, where you gotta toil until 67, before you can collect your retirement check, or you gotta be happy with less money, if you want to give up toiling earlier.

Online Taman Tun

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Re: Official elderly age raised to 65
« Reply #2 on: March 10, 2019, 07:16:14 AM »
Quite right too, why give handouts to young whippersnappers of 60?
If the old only could, if the young only knew.

Offline thaiga

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Re: Official elderly age raised to 65
« Reply #3 on: March 10, 2019, 12:17:22 PM »
Well we chose the right country to live in as Thailand, more people are living longer than ever before. the needs of an ageing society is most important. Thailand currently ranked the third most rapidly ageing population in the world. the over 60s now stands at about eight million, wow that's a whopping 13 percent of the population. things going as they are by 2040 that could be 17 million. 25 per cent, making that around 1 in 4 thai's being senior citizens.

going down that road, do the Thai people take care more for their aged family than westerners do, from what i see in the Uk. it would simply be, in an old peoples home for you, your a burden, or am i wrong, as most thai's do have respect for their elders more than westerners.

bit more here from ageingasia.org

Under the income support policy, older persons aged between 60 and 69, receive a monthly allowance of 600 baht. Those aged between 60 and 69 receive 700 baht, and the elderly, aged 70-79, receive 800 baht. A monthly allowance of 1,000 baht will be offered to persons aged 90 and over.
Anyone who goes to a psychiatrist should have his head examined.

Offline Johnnie F.

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Re: Official elderly age raised to 65
« Reply #4 on: March 10, 2019, 02:08:17 PM »
Under the income support policy, older persons aged between 60 and 69, receive a monthly allowance of 600 baht. Those aged between 60 and 69 receive 700 baht, and the elderly, aged 70-79, receive 800 baht. A monthly allowance of 1,000 baht will be offered to persons aged 90 and over.

Looks a little mixed up to me! Is there another source for correct figures?

Offline thaiga

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Re: Official elderly age raised to 65
« Reply #5 on: March 10, 2019, 02:21:24 PM »
looks like that's the way it is and that's how it is here, i'm told

All Thai elderly are entitled to a progressive living allowance, with 600 baht paid monthly to those aged 60-69, 700 baht to those 70-79, 800 baht to those 80-89 and 1,000 baht to those 90 and older.

bangkokpost.com  18 Nov 2017
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Offline thaiga

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Ensuring a comfortable nest egg

Several options are available to see pensioners through their golden years

Most retirees rely on savings accumulated over their working life, but longer life expectancy and higher costs of living could fan fears that the nest egg will come up short.

Working out how much money is sufficient for retirement depends on the spending behaviour, lifestyle and financial burden of each individual, but a good method to draw up a financial plan for retirement is the 4% rule, said Weerapon Bordeerat, first vice-president for customer advisory development at Kasikornbank (KBank).

The 4% rule is a rule of thumb for how much a retiree can safely spend. This states that a retiree can withdraw 4% of his or her nest egg each year throughout retirement.

Based on this guideline, a retiree will run out of money after 25 years, assuming he or she does not earn additional income, a duration considered long enough for most, Mr Weerapon said.

For example, if the nest egg amounts to 10 million baht, the retiree, based on the 4% rule, can spend 400,000 baht a year or around 33,000 a month, allowing the retiree to live comfortably.

A KBank survey found the cost of living for a Bangkok retiree averaged 10,000-16,000 baht a month.

According to the latest World Health Organisation data published in 2018, Thais have a life expectancy of 75.5 (71.8 for men and 79.3 for women).

Even though retirees no longer earn money from working, they can boost their retirement savings from investments to supplement the Social Security Fund and other sources of guaranteed income.

Mr Weerapon recommends that everyone plan a retirement investment income source while they are still working but focus on investment sources that create a regular stream of income when retirement is approaching and reduce those investments with risk exposure.

"Retirees should have assets with lower risk," he said. "People who are closer to retirement should take lower risks and enlarge the portion of assets which yield a steady income stream. However, choosing which type of risk asset class goes in your portfolio depends on each individual's risk tolerance."

Preparing a retirement financial plan is crucial. Check out all potential income sources to ensure a retirement free from financial anxiety.

Social Security Fund

Workers who contribute to the Social Security Fund can claim either ...

full article By Oranan Paweewun bangkokpost.com
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Offline thaiga

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Japan, Korea 'offer ageing nation tips'

Japan and South Korea can be models that help shape Thai society over the next two years as it becomes a "complete aged society", a seminar was told on Tuesday.

A recent survey found that over 40% of Thai working adults are not preparing themselves physically and financially for their retirement, Pharani Phuprasoet, who oversees projects promoting healthy lifestyles under the Thai Health Foundation, said at the Digital and Active Ageing in Japan and Thailand event in Bangkok.

In 2017, Thai people aged over 60 years old accounted for 11.8 million, or 17.1% of the total population of 69.4 million.

The figure continues to increase and in 2021, "one in five people in Thailand will be over 60", Ms Pharani said.

The Thai government defines old people as those aged over 60, five years younger than the Japanese threshold, said Kiishiro Oisumi, chief of Japanese association of Thai studies.

But the two countries share a similar trend -- as average incomes rise, the birth rate declines, he said.

A falling birth rate leads to a labour scarcity and, at the same time, the younger generation will shoulder a heavier financial burden towards the care of the elderly, according to Mr Oisumi.

The Thai government is already working on projects to offset the effects of this trend. One is a "Time Bank" concept which has been used in Japan, Ms Pharani said.

Unlike traditional banks, what people deposit and withdraw from this specific bank is time. The bank calculates the way its customers help people in the form of time, which can be kept in the bank for later use. When these people get old in the future, they can "withdraw their time", which means they will receive help from others.

The Thai Health Foundation is working with the Department of Older Persons to pilot Time Bank projects in 42 areas in 28 provinces, Ms Pharani said.

Other preparations for an ageing society were also discussed at Tuesday's seminar.

South Korea has also come up with a solution which is less dependent on state coffers, said Kim Sung-won, a lecturer at the University of Tokyo.

What he called "social welfare centres" were established there in 2006 to help old people who live on small pensions.

The centres, offering necessities and services supported by the private sector in their communities, turned out to be a success, and 454 branches have been set up so far, he said.

bangkokpost.com
Anyone who goes to a psychiatrist should have his head examined.

 



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