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Thailand's Ageing Population, Public Awareness Grow Retirement Funds.
Byline: Darana Chudasri
Dec. 4--Assets held through retirement mutual funds are expected to grow by at least 100 percent next year due to greater public awareness of the funds and the need to boost long-term savings, according to Dayana Bunnag, president of Thai Farmers Asset Management (TFAM).
TFAM currently manages 863 million baht in assets through RMFs, and claims a 50 percent market share of the funds. Unitholders of the firm's retirement funds total less than 10,000, or around 10 percent of its total customer base.
Holders of retirement mutual funds can deduct up to 300,000 baht in contributions per year from their taxable income.
Authorities hope that the funds will be used by private employees, independent professionals and others to supplement existing state pension systems or provident funds.
"RMFs have huge potential to grow in line with the country's ageing demographics," Mrs Dayana said.
According to government studies, the elderly are expected to double to 18 percent of the population within 20 years, placing a considerable strain on existing state pension and social welfare systems.
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