Authorities are being asked to step up their studies on measures to promote savings, especially among low-income earners.
The move is aimed at mitigating the impact of Thailand's ageing society as it emerges over the next 20 years.
Arkhom Termpittayapaisith, secretary-general of the National Economic and Social Development Board (NESDB), said existing savings systems might be insufficient to take care of the poor and elderly, echoing remarks made by Prime Minister Prayut Chan-o-cha at a recent cabinet meeting.
Arkhom: Shrinking workforce poses risk
Concerns have arisen despite the cabinet's approval in March of the long-awaited National Savings Fund (NSF), which is aimed at creating a system to extend welfare benefits to and ensure the financial security of informal workers.
The government expects 3 million informal workers to sign up for the NSF over five years once the system starts up in June.
The fund is intended to serve as a retirement safety net for self-employed workers not already covered by the social security system or provident funds.
The law governing the NSF was approved by a previous Democrat-led coalition government, but the fund's establishment was delayed for years as the Yingluck Shinawatra government argued that the NSF overlapped with Section 40 of the Social Security Act, which also provides pensions and gratuities for workers in the informal sector.
The current government reversed that decision, saying the NSF would be a boon to informal workers. Those covered by Section 40 will be transferred to the new pension fund to prevent overlap.
Of the estimated 25 million informal workers, just 1 million are covered by Section 40.
Workers in the informal sector aged 15-60 will be allowed to join the NSF with a minimum monthly contribution of 50 baht and a maximum of 13,200 baht each year.
The government will contribute up to 50% of the savings but not more than 600 baht a year for workers aged 15-30, up to 80% but not more than 960 baht a year for workers aged 31-50, and up to 100% but not more than 1,200 baht a year for those over the age of 50.
If all 25 million informal workers join, the state's contribution is expected to reach 22.5 billion baht a year or 0.18% of GDP.
According to the NESDB, Thailand has 6.4 million elderly people, accounting for 9% of the population.
By 2040, Thais older than 60 are expected to number 20.5 million or 32% of the population.
The Thai workforce is predicted to see a drastic drop to 35.2 million from the current 39-40 million.
The shrinking workforce will inevitably affect the country's economy and may cause a fiscal burden over the next 20 years, Mr Arkhom said. The NESDB has advised related agencies to study savings measures based on the model of Japan, Singapore or Europe.
Europe provides comprehensive welfare for the elderly, but beneficiaries pay high tax during their working years.
Singapore, meanwhile, promotes "Asian" values with family as the key pillar of support. Sons and daughters are encouraged to take care of their parents and grandparents.
Singapore's healthcare policy stresses health promotion and disease prevention, promotes personal responsibility and encourages seniors to remain healthy and active in the community for as long as possible.
The city state has aggressively promoted healthy lifestyles and regular health screenings for early detection to lessen the risk of major illness.
Singapore has also developed a strong network of community-based, step-down care services to support the family in its caregiving role. The implementation of the Eldercare Masterplan has resulted in more service providers offering a variety of residential, centre-based and home-based care services for seniors.
In Japan, the government has introduced long-term care insurance, offering social care to those 65 and older on the basis of need. The system is funded partly by compulsory premiums for everyone over the age of 40 and partly by national and local taxation.
Users are expected to contribute a 10% co-payment towards the cost of the service. The costs are seen as affordable and the scheme is popular.
"Related agencies are required to speed up study of appropriate savings measures and propose ideas to the prime minister for consideration soon," Mr Arkhom said.
Thailand may also need to reform its tax system in order to raise proceeds to take care of the elderly population.
According to Mr Arkhom, the NESDB is analysing income inequality nationwide so that the government can launch appropriate measures to help poverty-stricken people.
The National Statistical Office of Thailand is in the process of conducting a survey of household income and expenses nationwide.
The information obtained will be used by the NESDB to re-evaluate the poverty line of the Thai population.
In 2013, people who were below the poverty line accounted for 10.9% of the total population, down from 12.6% in 2011.
The NESDB has suggested poverty-fighting measures such as giving the poor greater access to capital, providing land for small-scale farmers and those without farmland, reforming the tax system, providing opportunities for low-income earners to enjoy state welfare, and improving public health services.