News Forum - Thailand has the world’s worst pension system

[Thaiger]

Thailand often ranks highly in best destination polls and once again the Land of Smiles has come out on top – for having the worst pension system in the world. Iceland is ranked as having the world’s best pension while Singapore is No.1 among Asian countries as having the best pension. The American asset management firm, Mercer, revealed the survey results of the 14th Mercer CFA Institute Global Pension Index last Friday, October 14. Mercer surveyed 66% of the world population in 44 countries around the globe. The survey considered the pension system in each country in three aspects, including […]

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[BigHewer]

The source site makes interesting reading. https://www.mercer.com/our-thinking/global-pension-index.html
 

Thailand bad, but a lot of Asian countries in the same boat. Every single listed European country better than Japan

[Cabra]

19 minutes ago, BigHewer said:

The source site makes interesting reading. https://www.mercer.com/our-thinking/global-pension-index.html
 

Thailand bad, but a lot of Asian countries in the same boat. Every single listed European country better than Japan

Not at all surprised. And how many of these programs are dangerously underfunded? The fact the USA gets a C+ in light of the fact it's scheme is projected to be insolvent in 2034 make's me wonder.... 

[Noble_Design]

24 minutes ago, BigHewer said:

The source site makes interesting reading. https://www.mercer.com/our-thinking/global-pension-index.html
 

Thailand bad, but a lot of Asian countries in the same boat. Every single listed European country better than Japan

I don't thing Singapore's pension is that good as the article says. Personally I have seen very old people still having to work there.

Not surprising considering the retirement age is 63 and reemployment age up to 68. With the high cost of living they'd have to work until they're almost 70 before they get to enjoy their pension

[joseph]

I doubt USA Social Security will become insolvent in 2034. 

#1. USA Treasury owes Social Security untold billions in IOUs that aren't counted in the national debt.

#2. The US government faces "shut down" ( insolvent ) every October but continues. 

#3. There are 360 million US citizens. The US government gave over 50 billion in foreign aid  for 2021. That's           about 1,400 for every citizen for a start.  

[Grumpish]

"People have to plan", to quote the article. Not exactly a Thai specialty. In Thailand (and more than a few other countries) the nearest most people get to pension planning is expecting their children to support them as soon as they are old enough to work.

[BillO]

Not surprising the top countries are also some of the most highly taxed. No thanks. Took care of my own retirement just fine thank you! But Thailand is a different story. No answer to that one. You can’t tax people with no money. 

[Soidog]

14 minutes ago, BillO said:

Not surprising the top countries are also some of the most highly taxed. No thanks. Took care of my own retirement just fine thank you! But Thailand is a different story. No answer to that one. You can’t tax people with no money. 

The answer is to tax the people who do have the money. Thailand isn’t a poor country, it’s just an unequal country with poor tax collections and rampant corruption. 

[EdwardV]

16 hours ago, joseph said:

 

I doubt USA Social Security will become insolvent in 2034. 

 

The US can easily kick that can down the road 40-50 years as they did in the 80s. Some combination of raising the full retirement age a year or two, raise the wage cap, and raise the contribution rate. Of course they will wait till the last minute, just like last time. To allow SS to become insolvent is political suicide. Politicians don’t do that willingly, they like their job too much. 

[HiuMak]

On 10/17/2022 at 6:19 PM, Noble_Design said:

I don't thing Singapore's pension is that good as the article says. Personally I have seen very old people still having to work there.

Not surprising considering the retirement age is 63 and reemployment age up to 68. With the high cost of living they'd have to work until they're almost 70 before they get to enjoy their pension

How would Singapore CPF qualify as a pension when most of the savings are compulsory contributions of the workers themselves. The state hardly provides any and there is no labour protection in this country. Policies advocates priorities to corporations.

[Noble_Design]

45 minutes ago, HiuMak said:

How would Singapore CPF qualify as a pension when most of the savings are compulsory contributions of the workers themselves. The state hardly provides any and there is no labour protection in this country. Policies advocates priorities to corporations.

I thought the corporations contributes about half and the other half from the workers?

[HiuMak]

5 minutes ago, Noble_Design said:

I thought the corporations contributes about half and the other half from the workers?

The percentages are deceiving. The real deal is 20% for employees on their full wages, but 17% for employers capped at S$6,000 if I remember correctly.