Thailand to let losing lottery tickets fund retirement savings
Thais who miss out on the jackpot may soon see their losing lottery tickets turned into retirement savings under a government plan aimed at boosting thrift and tackling the challenges of an ageing population.
Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said on Wednesday he had instructed officials to finalise details of the scheme, which is expected to launch within four months as part of the administration’s “Quick Big Wins” agenda.
Under the initiative, part of the price of non-winning digital lottery tickets will be redirected into a personal savings account. The funds will be locked in until participants reach the age of 55, similar to the structure of a Retirement Mutual Fund. Those aged 56 and older will be allowed to continue saving for a further five years.
The accumulated balance can also be pledged as collateral for loans, offering participants a degree of financial flexibility.
“This ‘Lottery Savings’ scheme isn’t formally named yet, and it is entirely separate from the ‘Lottery Pension’ scheme run by the National Savings Fund (NSF),” Ekniti said. “The money will be segmented from the ticket price and held under principles similar to a Retirement Mutual Fund (RMF).”
Officials said the scheme will apply only to tickets purchased through the government’s Pao Tang app, which enables transactions to be tracked and linked to individual accounts.
The Finance Ministry also intends to roll out monthly government bond offerings with 1% interest, specifically targeting elderly and retired citizens to encourage wider participation in retail investment.
Permanent Secretary Lavaron Sangsnit stressed the project was designed to promote saving, not gambling. He said the aim is safety and capital preservation, noting that funds will likely be managed through a highly secure structure.
The scheme will draw from the 17% of lottery revenue currently under the Finance Minister’s discretion, earmarking part of that pool to seed the savings mechanism.
Lottery revenues are a significant source of state income in Thailand, where gambling beyond the official lottery and horse racing is largely illegal.
This story is written and edited by the Global South World team, you can contact us here.
