The government should lift the legal definition of the elderly from 60 to 65, in line with growing support for a later retirement age, says the Elderly Association of Thailand.
Marking International Day of Older Persons Thursday, the association met Deputy Prime Minister Adm Narong Pipatanasai to urge the government to promote a better quality of life for older people.
Chairman Wichai Chokewiwat said the association also called on the government to amend the 2003 Older Persons Act to lift the legal definition of the elderly from 60 to 65, which would be in keeping with calls to increase the retirement age.
The association's call coincides with a Civil Service Commission (CSC) proposal to lift the retirement age of state officials from 60 to 65.
The CSC said the change of retirement age would enable officials to stay in the workforce longer and contribute more to the country. It would also help the government save on pensions.
Figures from the Budget Bureau show that in the previous fiscal year which ended on Sept 30, the government spent 132 billion baht on pensions for retired state officials.
In April, then deputy prime minister Yongyuth Yuthavong agreed at a public discussion the retirement age should be raised to 65.
He said research showed more than 30% of people who reach retirement age were willing and able to continue working.
Findings from the Foundation of Thai Gerontology Research and Development Institute revealed that 20 years from now the country will fit the definition of an ageing society, with elderly people making up 25% of the population. That would impose increasing financial burdens on the state.
However, figures showed less than half of those of working age thought about having a financial cushion for their retirement and even fewer people had actually saved up.
The former premier said state policies must be in place to support a later retirement age.
Dr Wichai, meanwhile, said his association urged Prime Minister Prayut Chan-o-cha to recognise the importance of the National Savings Fund (NSF) for the elderly.
The government has earmarked one billion baht as seed money for contributions to the NSF, said fund secretary-general Somporn Chitphentom.
The NSF, which made its debut in August, is a retirement safety net for 25 million self-employed workers not covered by a pension fund, the Social Security Fund or a provident fund.