Publication:
Thailand Financial Sector Assessment Program: Funded Pension System

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dc.contributor.authorWorld Bank
dc.contributor.authorInternational Monetary Fund
dc.date.accessioned2019-10-23T20:06:37Z
dc.date.available2019-10-23T20:06:37Z
dc.date.issued2019-06
dc.description.abstractWhile Thailand’s pension system is typically described as a multipillar pension scheme, its design is highly fragmented and offers adequate coverage only to a small segment of the population, including civil servants and high-income individuals. In its 2018 Article IV report, the IMF highlighted the need for a broader pension reform, including parametric changes and ender inclusivepolicies to improve female labor force participation and attenuate the impact of aging on productivity growth. While these reforms are needed, private pensions can also play a role inimproving retirement income for individuals. As agreed with the Thai authorities, this technical note provides an assessment of the private, funded components of the pension system. A key component assessed is the voluntary provident fund scheme (PVD). The PVD scheme is voluntary and operates as a tax-incentivized scheme, which allows both employers and employees to take advantage of generous tax benefits for savings for retirement. This note also addresses the challenges of the private, funded system and proposes policy recommendations for increasing coverage, improving efficiency, and delivering sustainable retirement income in the payout phase. This note is organized as follows. The next section provides a brief description of the current overall pension system, public and private; Section III provides a diagnostic of the main challenges in the private, funded system; and Section IV provides recommendations for optimizing the design of the private, funded pension system. The focus of the note is to improve the incentive structure of the private, funded pension scheme.en
dc.identifierhttp://documents.worldbank.org/curated/en/858671571260308391/Thailand-Financial-Sector-Assessment-Program-Technical-Note-Funded-Pension-System
dc.identifier.doi10.1596/32610
dc.identifier.urihttps://hdl.handle.net/10986/32610
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectPENSION SYSTEMS
dc.subjectFIXED INCOME MARKET
dc.subjectPENSION FUNDS
dc.subjectPROVIDENT FUND
dc.subjectACCOUNTABILITY
dc.subjectOLD AGE DEPENDENCY RATIO
dc.subjectMUTUAL FUNDS
dc.titleThailand Financial Sector Assessment Programen
dc.title.subtitleFunded Pension Systemen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleThailand Financial Sector Assessment Program
okr.date.disclosure2019-10-23
okr.doctypeEconomic & Sector Work::Financial Sector Assessment Program
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/858671571260308391/Thailand-Financial-Sector-Assessment-Program-Technical-Note-Funded-Pension-System
okr.guid858671571260308391
okr.identifier.doi10.1596/32610
okr.identifier.externaldocumentum090224b0871f25ae_1_0
okr.identifier.internaldocumentum31483025
okr.identifier.report142667
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/858671571260308391/pdf/Thailand-Financial-Sector-Assessment-Program-Technical-Note-Funded-Pension-System.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryThailand
okr.topicFinance and Financial Sector Development::Finance and Development
okr.topicFinance and Financial Sector Development::Financial Regulation & Supervision
okr.topicFinance and Financial Sector Development::Financial Sector and Social Assistance
okr.topicFinance and Financial Sector Development::Mutual Funds
okr.topicSocial Protections and Labor::Pensions & Retirement Systems
okr.topicSocial Protections and Labor::Social Funds and Pensions
okr.unitFinance, Competitiveness and Innovation Global Practice
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