Thailand’s Labour Ministry is looking to Sweden for ideas to improve the Social Security Office (SSO) scheme. The goal is to better support the country’s aging population. Labour Minister Phiphat Ratchakitprakarn led a delegation to Stockholm to meet with the Swedish Pension Agency and explore new approaches.
Discussions focused on three areas: managing pension funds sustainably, securing investments, and enhancing member services. Flexible retirement ages and customized pension payments were proposed to address Thailand’s demographic challenges, Mr. Phiphat said.
The minister highlighted the SSO’s commitment to reform. He stressed the importance of using digital tools for better transparency and management. Labour Permanent Secretary Boonsong Thapchaiyuth praised Sweden’s system, which includes a “buffer fund” to balance contributions and payouts. The scheme also adjusts pensions based on wages and life expectancy.
Swedish Pension Agency Chief Anna Pettersson Westerberg said Sweden’s system offers over 50 benefits. It is funded by contributions from the government, employers, and individuals, with voluntary options available. Incentives like partial pensions and flexible retirement ages encourage people to stay in the workforce longer.
Thailand plans to adapt these ideas to modernize its pension system.
Source: Bangkok Post
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