Alert sounds on elderly care

Alert sounds on elderly care

More efforts needed to cope with rising senior numbers

Seeking help for seniors
Current policy towards the rapidly ageing society is failing to provide so much as decent living standards for the elderly, and requires greater effort.

A seminar on the rapidly ageing society concluded that current policy is not providing even decent living standards for the elderly, and requires greater effort. (File photo)
Seeking help for seniors Current policy towards the rapidly ageing society is failing to provide so much as decent living standards for the elderly, and requires greater effort. A seminar on the rapidly ageing society concluded that current policy is not providing even decent living standards for the elderly, and requires greater effort. (File photo)

More effort is needed to ensure people maintain decent living standards after retirement as Thailand moves fast towards becoming an ageing society, a seminar was told Tuesday.

Niwat Kanjanaphumin, from the National Legislative Assembly's elderly affairs panel, said the issue of an ageing population is pressing and requires collaboration from all stakeholders.

Citing study findings, he said the elderly largely depend on financial support from family members and state-funded allowances. Without other means to support themselves, the elderly will not be able to cope if they are neglected.

"The ageing society issue must be made a national agenda so every agency concerned can integrate efforts to tackle the challenges," he told the seminar on casual workers and savings for retirement.

According to Mr Niwat, in 2021 Thailand will officially be an ageing society with 20% of the population aged 60 or older.

Supanee Chantamas, a savings specialist from the Finance Ministry, said the government has introduced a number of measures to help senior citizens cover living expenses and healthcare costs.

These measures include a reverse mortgage scheme in which the elderly convert their home equity into cash with no repayment of the loan. The elderly retain ownership until they pass away.

As of June 8 this year, 118 people had applied to join the reverse mortgage scheme under a budget of 418 million baht. Twenty applicants have been granted loans worth 72 million baht.

She said the government has also rolled out tax incentives as a means to encourage business operators to employ the elderly at operational level. Based on unofficial figures, 413 businesses have hired 2,004 people. Ms Supanee said the government is also considering setting aside money from "sin taxes" to support the allowances for those with low income. However, the amount is not yet finalised.

There is also a campaign to raise funds from well-to-do elderly people who are being asked to waive their right to receive their old-age allowances and donate them for the well-being of others, she said. However, only 500 have volunteered, short of the 50,000 target.

Charulak Ruangsuwan, secretary-general of the National Savings Fund, said the fund, which currently has 650,000 members, is trying to recruit more by targeting students.

According to Ms Charulak, most people are not aware the fund exists, which is worrisome. The fund is a voluntary retirement safety net for 25 million casual workers.

Paisan Sukpanya, an inspector-general at the Interior Ministry, said people in the provinces have savings in various forms worth about 30 billion baht, but noted most of these savings are for family members.

Siriwan Arunthippaitoon, of the Social Development and Human Security Ministry, said elderly people will number 9 million next year and the government will need 71 billion baht to cover the costs.

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