Thailand Introduces Retirement Lottery to Boost Savings
Innovative Lottery System Aims to Enhance Long-term Financial Security for Citizens
The Cabinet on Tuesday approved a new retirement lottery system, in which lottery buyers will get their money back when they turn 60, Deputy Finance Minister Paopoom Rojanasakul said.
Speaking to reporters after the weekly Cabinet meeting, Paopoom said the Cabinet approved the bill to amend the National Saving Fund (NSF) Act, which will allow the fund to sell retirement lotteries.
Paopoom said the bill would be scrutinised by the Council of State before it is sent to the House of Representatives for deliberation.
He added that the retirement lottery would be a mechanism for people to save for their retirement, as most Thais have very little put away for their retirement years.