(Bloomberg) -- Thailand plans to lift the retirement age for both the private and government sectors to 65, due to improvements in healthcare and medical technology, the Bangkok Post reported.
The change is one of several proposals on the table as the government deals with longer lifespans and shifting demographics.
Labor Minister Phiphat Ratchakitprakarn told the Post the government wants to increase contributions from workers, employers and the state into the nation’s social security fund and expand the benefits system to cover 2 million migrant workers from Myanmar, Laos and Cambodia.
The ministry is also considering converting a fluctuating medical cost estimated at 60 billion baht ($1.78 billion) a year into a fixed cost, Phiphat told the Post.
The retirement age for government officials and employees is currently 60, while in the private sector it’s between 55 to 60, according to the Labor Ministry.
Life expectancy in Thailand increased by more than four years to 75.3 in 2021 from 2000, according to World Health Organization data.
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