(Bloomberg) — Thailand plans to raise the retirement age to 65 in the private and public sectors, thanks to improvements in health care and medical technology, the Bangkok Post reported.

The change is one of several proposals on the table as the government faces longer life expectancies and demographic changes.

Labor Minister Phiphat Ratchakitprakarn told the Post that the government wants to increase workers’, employers’ and state’s contributions to the national social security fund and expand the benefit system to cover 2 million migrant workers from Myanmar , Laos and Cambodia.

The ministry is also considering converting a fluctuating medical cost estimated at 60 billion baht ($1.78 billion) a year into a fixed cost, Phiphat told The Post.

The retirement age for government officials and employees is currently 60, while in the private sector it is between 55 and 60, according to the Ministry of Labor.

Life expectancy in Thailand increased by more than four years to 75.3 years in 2021 compared to 2000, according to data from the World Health Organization.

©2024 Bloomberg LP