Thailand's cabinet approved a draft law establishing a "retirement lotto" on Tuesday 3 December 2024, Deputy Finance Minister Paopoom Rojanasakul said. The bill sets up a National Savings Fund (NSF) and is aimed at helping people save the money they spend on purchases of tickets1. It will now be vetted by the Council of State, the government's legal advisory body, before it is tabled for parliament's deliberation1.
Under the proposed scheme, no money spent on the lotto, even on purchases of losing tickets, would be lost. Mr Paopoom said every baht spent on the lotto will go toward the purchasers' savings1.
"Every baht spent on the lotto will go toward the purchasers' savings"
Tickets would be available to NSF members and self-employed individuals covered by Section 40 of the Social Security Fund. These individuals would be able to purchase up to 3,000 baht worth of tickets each month, with tickets costing 50 baht each1.
| Item | Detail |
|---|---|
| Who may buy | NSF members and self-employed people covered by Section 40 of the Social Security Fund1 |
| Monthly limit | Up to 3,000 baht worth of tickets1 |
| Ticket price | 50 baht each1 |
| Draw | Every Friday at 5pm1 |
| Top prizes | Five one-million-baht prizes each week1 |
| Other prizes | 1,000-baht payout for 10,000 other lucky ticket holders1 |
| Prize claims | Winners may claim prizes immediately1 |
| Savings claims | Money spent on tickets can only be claimed back at age 601 |
While winners would be allowed to claim the prizes immediately, they would only be allowed to claim back the money they spent on the tickets when they reach the age of 60. Until then, the money spent would be managed by the NSF1.
Another policy objective is to increase the number of NSF subscribers from three million to around 16-17 million1. Those who back the seniors' lottery say the scheme will likely succeed, as it taps into Thai people's love of gambling1.
What it means for players
The retirement lotto as drafted is not open to everyone who buys lottery tickets in Thailand. Eligibility is limited to NSF members and self-employed people covered by Section 40 of the Social Security Fund, so visitors and most expats would not be able to buy tickets unless they fall into those groups1. For those who are eligible, the structure differs from an ordinary lottery: the 50 baht ticket price is treated as savings, and that money is only returned at age 60, while any prize is paid immediately1. The monthly cap of 3,000 baht limits how much an eligible person can put in each month1. The bill has not yet become law, so no tickets are on sale and no draw dates have been set beyond the proposed Friday 5pm schedule1.
What happens next
The bill goes to the Council of State for vetting before it is tabled for parliament's deliberation1. No date has been reported for the Council of State review, the parliamentary debate or the start of ticket sales.
Sources1 sources
- Bangkok Post - Cabinet approves 'retirement lotto' bill, bangkokpost.com
