Thailand to introduce retirement lottery to foster long-term savings
Lottery tickets will cost 50 baht each, with a draw for five 1-million baht prizes held every Friday; savings plus interest will be returned to members when they turn 60
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.
Paopoom said once the bill is enacted, the NSF can sell digital lottery tickets at 50 baht each. Those eligible will be members of the NSF, Social Security Fund and undocumented workers who are not registered under any scheme.
Eligible persons can purchase lottery tickets daily, capped at 3,000 baht per person per month. Draws, meanwhile, will be held at 5pm every Friday. Winnings will be delivered to individuals via their bank accounts tied to PromptPay services.
All the money collected from the sale of the lottery will be saved for the buyers, regardless of whether they win.
There will be five first prizes, each worth 1 million baht and 10,000 second prizes worth 1,000 baht each.
The NSF will open savings accounts for each buyer and manage their savings until they turn 60 when the money will be returned with interest.
Paopoom said the Cabinet also agreed to let people older than 60 years old purchase the retirement lottery, provided they are willing to wait for 10 years before withdrawing.
