Thailand to have lottery encouraging retirement savings, participants will get money back at age 60

The Thai Cabinet has approved a draft bill establishing a retirement lottery aimed at safekeeping the money lottery buyers spend on tickets, Thai Deputy Finance Minister Paopoom Rojanasakul announced on Dec. 3.

Paopoom said every baht spent on the lottery will go toward the buyers' savings.

Buyers would get back the money they spent on the tickets when they turn 60.

The project is aimed at helping individuals save for their retirement.

Bill will be vetted by the Council of State

Under the amended National Savings Fund (NSF) Act, the NSF is allowed to sell retirement lotteries.

The bill will be vetted by the Thai government's legal advisory body, the Council of State, before being sent for the House of Representatives' consideration.

Tickets for the lottery will be available to members of NSF and Social Security Fund (SSF), according to The Bangkok Post.

Workers not protected by the labour protection law are also eligible for the lottery, The Nation reported.

Each ticket costs S$2

A ticket would cost 50 baht (S$2).

Individuals can purchase up to 3,000 baht (S$117) worth of tickets monthly.

Winners will be announced every Friday at 5pm.

Prizes include 1 million baht (S$39,200) each for five winners, and a 1,000 baht (S$39) prize for another 10,000 ticket holders.

Winners can immediately claim the prizes, but can only claim back the money spent on tickets after they turn 60.

Before then, money spent on the lottery will be managed by NSF.

Those above 60 will also be allowed to buy tickets.

However, they will have to wait ten years from their first purchase before they can reclaim their money.

If the buyer passes away before the ten-year mark, the money invested will be given to their heir.

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