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Thailand: Elderly to outnumber the young next year

Source: Asia Insurance Review | Nov 2017

Thailand

2018 will be the first year the elderly will outnumber the young, Mr Porametee Vimolsiri, Secretary General of the National Economic and Social Development Board (NESDB) has said.
 
   He warned that a decline in the working age population may hamper the country’s economic growth and productivity in the long run.
 
   Thailand is ageing rapidly due to birth control efforts, which saw births plummet to 700,000 in 2015 from more than 1 million on average during 1963-83, reports The Bangkok Post.
 
   The NESDB says that Thailand has 11.2 million elderly people – 17% of the population. By 2036, the state planning unit predicts that percentage will rise to 19.5 million people or 30% of the total population.
 
   The agency estimates the government will bear social welfare spending of THB1.4 trillion (US$42 billion) in 2028, up from THB400 billion in 2013. Retirement savings and old-age pensions have become a major issue for Thais. In particular, the government is working on a new pension system for those who are currently outside existing schemes. A 
 
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