The 14th CFA Institute Global Pension Index, conducted by the American asset management firm Mercer, was recently revealed that Thailand has the worst pension system in the world.
The survey covered 44 countries around the world (66% of the world population) and considered the pension system in each country in three aspects, including adequacy, sustainability, and integrity.
Thailand is ranked 44th with grade D and received 41.7 marks out of 100, which was under the average score of 63.0.
According The Thaiger, Mercer shared that Thailand relied on three types of pension systems: Social Security Fund for every career in the private sector, Provident Fund, and Personal Financial Management like Retirement Mutual Fund (RMF).
However, the survey showed that Iceland is ranked the world’s best pension country, with an average score of 84.7.
Following by Netherlands (84.6), Denmark (82.0), Israel (79.8), Finland (77.2), Australia (76.8), Norway (75.3), Sweden (74.6), Singapore (74.1), and the UK (73.7).
Source: https://thethaiger.com/news/national/thailand-has-the-worlds-worst-pension-system
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Yes, it’s a shame how bad the pensions for ordinary people are in Thailand.
A few years ago I asked my Thai friend, who was a middle-aged taxi driver, how much he would receive in pension.
The answer astonished me: 2000 Baht per month (!)
It’s obvious that the system is unfair to citizens of the working class, who perhaps can’t afford to pay for a private pension solution.