Parliament has unanimously approved in principle a bill to amend the National Savings Fund (NSF) Act 2011, paving the way for the introduction of a "retirement lottery."
The initiative aims to encourage retirement savings by allowing the NSF to issue lottery tickets. The bill received broad support from MPs who believe it will help promote financial security in old age.
The matter was raised on Wednesday during a parliamentary session presided over by Deputy House Speaker Pichet Chuamuangpan.
Deputy Finance Minister Paopoom Rojanasakul said the amendment was necessary due to Thailand's rapidly ageing population, which is expanding at a faster rate than in neighbouring countries.
He also highlighted another key concern: many elderly Thais lack adequate savings, leading to financial insecurity in their later years.
In addition, he said many Thais enjoy gambling, particularly buying lottery tickets. Unfortunately, those who participate in underground lottery often lose money without gaining any long-term benefit.
To address this, the government has proposed a motivation-based savings scheme in the form of a retirement lottery. The idea is to leverage the country's gambling culture in a constructive way by redirecting spending towards savings.
Under the proposed scheme, citizens would be able to purchase NSF lottery tickets via a mobile application for 50 baht each. Draws would be held every Friday in coordination with the Government Lottery Office (GLO).
Winners would receive cash prizes via automatic bank transfer. Those who do not win would still benefit, as their money would be accumulated as savings. Upon reaching the age of 60, participants would receive their principal plus investment returns.
Mr Paopoom said the government will allocate 700 million baht annually to fund lottery prizes. The initiative is expected to generate 13 billion baht in savings from participants each year for the next decade.
During the debate, suggestions were made to improve the scheme's flexibility -- for instance, allowing participants to access their savings before age 60 for essential expenses such as medical bills.
Some MPs also proposed increasing the prize amounts or expanding the number of winners to make the lottery more attractive.
Concerns were raised regarding the need for a guaranteed minimum return on investments.
