New lottery initiative aims to boost savings for retirement in Thailand
On December 3, 2024, Thailand's cabinet approved a draft law to establish a 'retirement lotto' designed to encourage savings among ticket purchasers.
Deputy Finance Minister Paopoom Rojanasakul announced the initiative, which is now headed for review by the Council of State before parliament deliberation.
The proposed scheme ensures that money spent on lottery tickets is not wasted, as each baht spent will contribute to the buyer's savings.
National Savings Fund (NSF) members and self-employed individuals under Section 40 of the Social Security Fund can purchase up to 3,000 baht in tickets monthly, at 50 baht each.
Winners are drawn every Friday at 5pm, with five one-million-baht prizes and 10,000 payouts at 1,000 baht each.
While winners can claim their prizes immediately, other funds spent can only be redeemed at age 60.
The initiative aims to increase NSF subscribers from three million to 16-17 million, capitalizing on the Thai affinity for gambling.