According to the Financial Authority, Thailand's welfare spending will reach 1 trillion baht in 2033, mainly due to rising costs of caring for the elderly as the country's population continues to age. The declining birth rate in Thailand could also affect economic growth and reduce the amount of tax revenues to the state budget.
The need to increase government spending on elderly care in Thailand is a major challenge facing the government. However, there is scope for alleviating fiscal pressures and improving social protection for this age group.
For example, the government may encourage workers to save money for retirement. It is also important to encourage people who constantly care about their health and constantly take out health insurance.
It is necessary to provide additional medical services for the elderly so that they can maintain their health and continue to work. It is necessary to further encourage working citizens over the age of 60, and employers to stimulate the hiring of such people with the help of tax incentives.
Finally, a special commission should be set up to study the aging society and its economic consequences. Many developed countries have already established similar commissions to study the issues of population aging and provide recommendations to address social and economic challenges.
