Retirement Lottery age limit extended to 70 in Thailand

The National Savings Fund (NSF) is set to revise the conditions for the Retirement Lottery, extending the purchasing age to between 61 and 70 years. The new rule stipulates that the money must remain in the account for 10 years before it can be withdrawn as cash. In the event of the buyer’s death before the 10 years, the funds will be given to their heirs.

Jarulak Ruangsuwan, NSF Secretary-General, announced the progress of the Retirement Lottery initiative. The NSF is preparing to amend the National Savings Fund Act to have the authority to issue this lottery.

Jarulak noted that public interest in the Retirement Lottery has been significant since the NSF sought opinions on the matter. Many members suggested extending the eligibility to individuals over 60, as currently only those aged 15 to 60 are eligible to participate.

Consequently, the NSF plans to propose legal amendments to allow people aged 61 to 70 to buy the Retirement Lottery. The basic principles include extending eligibility to those aged 61 to 70, requiring funds to stay in the account for 10 years before withdrawal, and ensuring that in the event of death, before the term ends, the money will be given to the designated heirs.

The legal amendment process involves proposing the changes to the NSF board, then to the Cabinet of the new government, and finally, the parliamentary consideration. If there are no obstacles, the amendment could be completed by the first quarter of 2025.

The timeline for the Retirement Lottery’s launch will follow the legal amendment, with the Ministry of Finance aiming for a swift rollout. The design and format are currently under study in collaboration with the Government Lottery Office to determine the most suitable approach, separate from regular government lotteries.

Jarulak emphasised that the NSF aims to attract an additional 5 million informal sector workers to become NSF members through the Retirement Lottery, increasing the current membership from 2.6 million. This target includes individuals over 60 years old.

The Retirement Lottery, recently approved by the Cabinet, features five key purchasing criteria. Buyers have a chance to win millions weekly, with immediate payouts, serving as a retirement savings mechanism.

The Ministry of Finance highlighted that this initiative intends to provide a consistent and reliable savings option for retirement, benefiting a broad demographic, reported KhaoSod.