According to Timothy Emen Lersmitivanta, CEO of Thonburi Wellbeing Co., the government has think outside the box to find a solution to Thailand’s rapidly aging world, lest it want the country ‘ senior citizens to burden future generations.
Mr. Timothy voiced his concerns about the government’s policies for the country’S senior citizens, which he deemed” insufficient” to ensure a good quality of life, at the Bangkok Post Forum 2023 titled” Thailand: The Era of Change” at Centara Grand at CentralWorld.
Thailand, along with Japan, is on track to become the only developing country in the world to be classified as a” hyperaged society” due to its rapid ageing.
He explained that since 1970, the number of people entering the workforce year after year has continued to fall, which results in lower performance.
This results in higher income for those who work in the workforce, but higher prices also results from a lack of output production.
He told the platform market,” The elder may save more as they now live longer.”
Together, the outcome means that the state will receive less income income, he said.
Mr. Timothy criticized the policies implemented by previous administrations over the prior 25 years, claiming that they were not intended to increase support recipients’ financial independence.
He used the One Tambon One Product ( OTOP ) program and various handouts that previous administrations had approved as examples.
According to Mr. Timothy, these programs” gave bad people bass instead of teaching them how to carp.”
” The perspective of the state needs to change.” A policy may keep the old out of the decision-making process in order for it to be effective. They should also be upskilled, he said, to improve their skills and boost their output.
He continued by saying that the government may survey its compulsory retirement policy, increase the retirement age, move out tax incentives, and encourage businesses to hire top citizens.
Additionally, it ought to cover the cost of insurance for the old, he said.
” We ought to be fully aware of where we are right now. We may fail if we don’t have the proper attitude, he said.
He claimed that the government may have learned from the Covid-19 pandemic how to better prepare its old population for any scenario.
But, Mr. Timothy claimed that the information appears to be against him.
The CEO claims that 41 % of Thais do not make retirement plans. Additionally, he claimed that about one-third of Thais over the age of 60 are still in debts.
The Thonburi Wellbeing CEO, but, asserted that the government still has time to fund initiatives that may support the country’s expanding elderly people.
The government needs to look into expanding the health insurance program for people 65 and older, mortgage programs for the elderly, specific business loans for businesses hiring older people, creating career opportunities for seniors, and facilitating career change training during that period.
He claimed that Thailand’s old won’t be able to prosper without powerful public and private cooperation.