Connect with us

Business

Implications of Phuket’s aging population

Legacy Phuket Gazette

Published

 on 

PHUKET: Financial constraints and dramatic changes in employment numbers are expected to hit Phuket over the next 15 years, as an increasing percentage of the province’s population grows old.

The Phuket Statistical Office estimates about 34,000 out of the 379,000 registered residents across the province are aged 60 years or older. That’s 9.2 per cent of the island’s population, and the percentage is growing annually and changing the economic outlook of the province.

Thailand as a whole is growing older. According to the Office of National Economic and Social Development Board, nearly one-third of the Kingdom’s population will be over 60 years old by 2031.

The Thailand Research Fund organized a forum in Phuket last month addressing the ramifications of the demographic shift and it’s economic implications. At the forum, experts presented ways for the province to prepare for the eventual societal shift and to cushion the economic impact.

“This does not mean that the elderly population is growing, but instead that the percentage of young people at work is shrinking,” said Deputy Prime Minister Prajin Juntong last month.

With the ratio of young working people decreasing and the number of older retirees increasing, Mr Prajin said it is imperative for the Thai economy to find a way to allow the elderly to continue contributing to society and the economy.

Thailand’s aging population is a delicate political issue, with retirees comprising some 15 per cent of the country’s population, they represent a substantial political bloc, should they galvanize. Recent proposals by central government officials to raise the retirement age from 60 have been shot down in seeming deference to that power, even as the National Council for Peace and Order considers eliminating government payouts to retirees that earn 9,000 baht a month or more.

Estimations from Chulalongkorn University’s Faculty of Economics show that the proposal to extend the mandatory retirement age would only stall the economic impact of the retired population by about ten years.

At the forum in Phuket, Chulalongkorn University Dean Worawet Suwanrada said that instead of kicking the proverbial can down the road, the government and private sector need to integrate retirees into the national economy, particularly those who are dependent on government payouts of 600 to 1,000 baht per month.

“The first challenge Thailand has to tackle is how to ensure the quality of life for the elderly,” Mr Worawet said. “The second challenge is to ensure economic vibrancy in the aged community, while the third is to prevent and reduce the number of elderly who are being abandoned.”

Surveys revealed that many of Thailand’s 7.8 million retirees do still work, operating small, home-owned businesses such as shops and restaurants.

 

Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forums
🔔 Subscribe to our daily email newsletter
📺 Subscribe / Join YouTube for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Follow Thaiger by email:

Singapore13 mins ago

Survey shows Singaporeans making travel plans as country eyes re-opening

Thailand16 mins ago

Media banned from spreading fake/distorted news, violators could have internet cut

Coronavirus (Covid-19)47 mins ago

21 of yesterday’s Covid-related deaths died at home

Sponsored22 hours ago

Experience Phuket’s Islands with 5 Star Marine

Welcome back to Thailand!

Thaiger is getting behind local businesses for the restart of tourism in Thailand - up to 50% discounts across all advertising packages!

Best of1 hour ago

Top 5 shopping malls Phuket

Coronavirus Vaccines1 hour ago

11 charged for allegedly selling fake Bang Sue vaccination appointments

Koh Samui2 hours ago

Samui re-opening plans under threat as island infections rise

image
Join the conversation on the Thaiger Talk forums today!
Thailand2 hours ago

Field hospital set up in Phuket Rajabhat University for Covid-19 patients

Coronavirus World3 hours ago

Vaccine hesitancy testing the patience of fully inoculated Americans

Coronavirus (Covid-19)3 hours ago

Friday Covid Update: 17,345 new cases and 117 deaths

Phuket11 hours ago

Domestic travel to Phuket all but banned starting August 2

Coronavirus (Covid-19)12 hours ago

Despite Covid-19 Phuket Sandbox continues at least 2 weeks

Coronavirus (Covid-19)13 hours ago

Chulalongkorn University progressing on domestic mRNA vaccine

Koh Samui18 hours ago

Black Club Covid-19 outbreak on Koh Samui widens

Thailand19 hours ago

Possible earthquake in Nonthaburi this morning

Best of19 hours ago

Chiang Mai’s 8 most indulgent spa hotels

Thailand5 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism5 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket5 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism5 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand5 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism5 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand6 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand6 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand6 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand7 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand7 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand7 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand7 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand7 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Thailand7 months ago

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8

Trending