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Elderly people in Thailand

The Thai government does not plan to increase the VAT from 7% to 10% in the near future.

The information about the possible VAT increase appeared after the National Economic and Social Development Council proposed to the government to raise funds necessary to support the elderly by increasing the VAT from 7% to 10%.

Currently, about 13.5 million elderly people live in Thailand, which accounts for approximately 20% of the total population. By 2040, it is predicted that the number of elderly people will increase to 20.51 million, approximately 31.37% of the total population.

Research has shown that a significant number of elderly Thais do not have sufficient funds to cover their expenses, and their incomes fall below the poverty line.

Currently, pensions are only available to government officials, making up at least 40% of their monthly income. The majority of Thai citizens who save money for retirement through the social security system or the National Savings Fund do not have enough funds to cover their living expenses when they reach retirement age.

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