By Piyawannee Watanasakolpunt and Suthasinee Neamsum
Assisting individuals who reach retirement age has long been discussed. Thailand has introduced a modest state pension scheme as well as saving incentives for employees in the form of welfare funds and provident funds. An additional form of assistance has been introduced via an amendment to Thailand’s Labour Protection Act, which now allows employees to retire at the age of sixty after first giving 30 days’ notice to their employer. Employees who take advantage of this option will be entitled to the same financial benefits as employees who are terminated on a “no cause” basis, consisting primarily of severance based on their length of employment.