Retirement lottery scheme to be put to Parliament

Following the Council of State’s revision of the draft National Savings Fund (NSF) Act, the retirement lottery scheme will soon be put to Parliament for consideration, Deputy Finance Minister Paopoom Rojanasakul said on Sunday.

He noted that insufficient savings after retirement is a problem faced by many Thais, especially those on a low income and who lack financial literacy, causing many retirees to rely on children, welfare and loans.

“Savings are crucial for a stable economy at the individual and national levels,” he said. “If Thai people have sufficient savings, economic growth will be boosted and the government burden will be mitigated.”

Paopoom added that the retirement lottery scheme will encourage Thai people to save money as lotteries are part of Thai life.

The Council of State completed the revision of the draft act on February 11, and it will now be considered by the Parliament, he said.

The retirement lottery would take the form of a digital scratch-off lottery of 50 baht per ticket. People can purchase no more than 3,000 baht per month, and the draw will be made at 5pm every Friday.

The lottery will have five first prizes, each worth one million baht, and 10,000 second prizes worth 1,000 baht each. The NSF will open savings accounts for each buyer, regardless of whether they win or not, and the proceeds will amass in the individual savings accounts with interest paid on investments.

Those who buy a retirement lottery can receive savings and other benefits when they reach 60 years of age, become disabled or lose Thai nationality.

People aged above 60 years can receive savings and other benefits five years after making a purchase, while savings and other benefits will go to their beneficiaries if they die.