The National Savings Fund (NSF) expects membership to rise to 1.5 million this year from 390,000 as a result of heavy campaigning through numerous collaborations with other groups, says secretary-general Somporn Chitpenthom.
Since Aug 20 last year to mid-January, total contributions to the NSF from nearly 400,000 members reached 523 million baht, with the government providing matching contributions worth 200 million baht.
The World Bank regards the NSF as a showcase for a country moving quickly towards an ageing society.
This year, the NSF will ask for more collaboration with the Interior and Education ministries to access potential members in local organisations and administrations as well as schools in rural and provincial areas.
Students in the provinces and people ages 15-30 represent just 5% of total members.
Of total membership, those over 30 make up 95% and farmers represent 73.5%, mostly in the Northeast.
"We will ask for cooperation from the more than 10,000 Village Funds across the country to act as a trustee to collect contributions from NSF members in rural areas," Mr Somporn said.
In future, the NSF will forge agreements with two additional commercial banks to function as contribution receiving points.
The three current participating banks are the Bank for Agriculture and Agricultural Cooperatives, Krungthai Bank and the Government Savings Bank.
The NSF is a retirement safety net for 25 million self-employed workers not covered by a pension fund, social security or a provident fund.
People aged 15-60 are eligible to apply. They are requested to make a minimum contribution of 50 baht a month, up to a maximum of 13,200 baht a year, and the amount is matched fully or in part by the government up to a prescribed limit.
The government will contribute up to 50% of 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 50.