Thailand's House of Representatives recently passed the "Retirement Lottery" bill by an overwhelming majority, aimed at encouraging citizens to save while combating illegal underground lotteries. The bill received 427 votes in its third reading, marking a new step by the Thai government in promoting financial discipline and overall financial health of the populace.
The "Retirement Lottery" will operate as part of the national savings fund, open to Thai nationals aged 15 and above. Each lottery ticket is priced at 50 Thai Baht (approximately $1.35), with a monthly purchase limit of 3000 Thai Baht per person, and the amount spent will be credited to an individual's savings account. This system combines the appeal of a lottery with the mechanisms of savings returns, encouraging the public to accumulate assets over the long term.
Participants can withdraw funds after reaching the age of 60, or under specific conditions, withdraw a portion of the funds earlier to increase flexibility. The Deputy Minister of Finance and Chairman of the House Special Committee, Paopum, pointed out that the project provides a formal financial tool aimed at offering a legal alternative to the long-prevalent illegal lotteries, securing savings behavior and contributing to the national economy.
Some members of the parliament proposed raising the minimum participation age to 18 and setting clearer standards for early withdrawals. Ultimately, the bill was amended to allow partial withdrawals under specific circumstances, with the details to be refined by subsequent ministerial regulations.
The bill has now been submitted to the Senate for review, and once passed, the "Retirement Lottery" will officially become a new financial tool for Thai citizens beyond traditional lotteries.
