Bangkok: “Phao Bhum” has confirmed that the first “retirement lottery” draw will be held in the fourth quarter of this year, with tickets available at 50 baht each. This initiative, discussed in the House of Representatives, aims to transform spending into savings, offering a chance for participants to win a 1 million baht first prize. The lottery is open to anyone aged 15 and over, with the assurance that all money spent will be returned as savings upon reaching 60 years of age.
According to Thai News Agency, the House of Representatives meeting was chaired by Mr. Pichet Chueamuangphan, First Vice President of the House of Representatives, focusing on the draft of the National Savings Act concerning the Retirement Lottery or Government Savings Bank Lottery. The Special Committee had already completed their review in the second reading. Mr. Paopum Rojanasakul, Deputy Minister of Finance and Chairman of the Committee, elaborated on the amendments made to ensure maximum benefit. These include the enforcement of the law within 60 days, amendments to bonus money regulations for flexibility, and provisions for early withdrawal under specified conditions.
Mr. Pao Bhum emphasized that the retirement lottery is a novel savings mechanism designed to appeal to the Thai populace’s interest in risk and luck while addressing the national savings deficit. The initiative allows individuals from various sectors, including civil servants and informal workers, to purchase tickets. He explained that the cost of each lottery ticket would be automatically deposited into a personal savings account, ensuring that the spent amount will grow over time and be returned at retirement age.
The lottery offers various prizes, with the first prize being 1 million baht. The draw takes place every Friday at 5:00 p.m., and winnings are transferred immediately to the winner’s PromptPay account. Mr. Pao Bhum highlighted that even if a participant does not win, the money spent on the ticket contributes to their future savings.
He further mentioned that individuals over 60 could participate, but they must save for at least five years to receive their full savings back. In the event of a participant’s death, the savings will be transferred to their heirs or a designated person. The project aims to provide three core benefits: excitement from weekly draws, substantial savings by the age of 60, and investment returns from the Government Savings Bank.
During discussions, some members questioned the 60-day effective date of the law, suggesting a return to the original 30-day period to expedite the process. However, Mr. Pao Bhumi clarified that the Ministry of Finance and the National Savings Fund are already preparing the necessary legal frameworks and view the 60 days as appropriate. This timeline ensures the lottery will be available for purchase within the fourth quarter of the year.