Thailand plans retirement lottery for over 60s, launching 2025
Thailand’s Deputy Finance Minister announced plans to present the retirement lottery scheme to the Cabinet for approval next month, aiming to begin sales in the first quarter of 2025. The scheme proposes extending the eligible age for purchasing lottery tickets to over 60 years.
Paophum Rojanasakul addressing the progress of the retirement savings lottery, stated that the proposal is expected to be reviewed by the Cabinet this month. Following Cabinet approval, it will proceed through the House of Representatives. The anticipated start for the sale of these lottery tickets is the first quarter of 2025.
“The current status is awaiting feedback from the National Savings Fund (NSF), which will hold a board meeting on November 11. After gathering all opinions and details, we will present it to the Cabinet in November, expecting sales to commence by the first quarter of next year.”
The plan involves amending the NSF Act, including modifications to extend the eligible age range for purchasing retirement lottery tickets. Previously, people aged 15 to 60 years could participate but the new proposal allows those over 60 to buy tickets.
However, participants must maintain their accounts for a continuous period of ten years to withdraw funds. In the event of the buyer’s death, the funds will become part of the estate or be passed to designated beneficiaries.
The retirement lottery will be available as digital scratch cards, priced at 50 baht each, with a monthly purchase limit of 3,000 baht. Draws will take place every Friday, with a first prize of 1 million baht awarded to five winners, and a second prize of 1,000 baht available to 10,000 winners. Prize money will be disbursed the following day, and any unclaimed prizes will roll over to the next draw.
Paophum elaborated on the prize draw process, highlighting that it aims to be more engaging. The first prize, for instance, is associated with specific names such as Chiang Mai for green or Bang Phli District for purple. Every Friday at 5pm, the draw will involve selecting three balls, first for the province, second for the district, and third for the colour.
Additionally, there are four slots in the draw system. If not all prizes are claimed, the remaining prize money will roll over into this slot. The fourth slot includes special prizes that could be awarded periodically, such as fuel vouchers, coffee, or plane tickets, reported KhaoSod.
