UNLESS she lined up in the hot sun for a free meal, ketchup on bread is the only food Thai widow Noi could afford on her small government pension.

Her payout of around US$0.82 (RM3.88) a day made cooking at home near impossible.

“If it’s too wet to come, I eat 7-Eleven bread with ketchup,” the 73-year-old told AFP at a Bangkok Community Help Foundation meal delivery tent that feeds 500 of the city’s homeless and poor daily.

Thailand is one of the world’s fastest ageing societies, said the World Health Organization, but its economy is ill-prepared.

Research from major Thai lender Kasikorn Bank estimated that by 2029, the kingdom would join a list of super-ageing societies where more than 20% of the population were older than 65.

But Thailand has not reached the same level of wealth as some other ageing societies such as Japan and Germany.

“We’ve become old before we’ve become rich,” said Kasikorn Bank chief economist Burin Adulwattana.

“We’re not ready.”

Thailand is home to more than 12 million over-60s – around 18% of the population.

Low incomes, limited savings and inadequate government pensions will mean many endure extreme poverty, while fewer taxpayers and a healthcare spending bill expected to triple will be a huge fiscal burden.

‘Ticking time bomb’

“It’s definitely a ticking time bomb,” said Kirida Bhaopichitr from the Thailand Development Research Institute.

Poverty among older adults was already widespread, with 34% of Thai seniors living below the poverty line – surviving on less than US$830 a year, Kasikorn said.

To retire well in Bangkok, at least US$100,000 in savings was needed, Burin said, but many Thais were retiring with less than US$1,300.

In August, the outgoing government announced it was restricting a previously universal pension of between US$16 and US$27 a month to low-income earners, cutting off six million people.

Thai Prime Minister Srettha Thavisin has vowed to eradicate poverty by 2027 and “leave no one behind”.

His party made an election pledge for an US$8.1 billion elderly welfare package but the government has not announced any pension boost.

Last month, Social Development Minister Warawut Silpa-archa dismissed calls to raise the pension to US$81 a month, saying the kingdom could not afford it.

“I wish the government could provide more support because right now the cost of living is skyrocketing,” said 73-year-old Chusri Kaewkhio in Bangkok’s Khlong Toei slum.

Her 75-year-old husband Suchart Kaewkhio laid on a bed in an adult diaper, staring up at the peeling paint and water-damaged ceiling. Chusri said they had no money for repairs.

They borrow cash each month to buy expensive milk for her husband’s feeding tube and are five months behind on their electricity bills.

There is a cultural expectation in Thailand that adult children will look after their parents as they age.

But economist Burin said this was unsustainable in the long term as the economy grappled with a smaller workforce, lower growth and consumer spending.

‘The pension is not enough’

While men worked until about 65, Thai women started dropping out of the workforce around 50 to care for ageing parents and in-laws, researcher Kirida said, adding that there must be an increase in affordable elderly daycare centres.

Orn Keawwilat, 57, faces a difficult juggling act – caring for her sick elderly parents while running a small general store to support her household of 12.

Her bedridden father Arj, 88, recently had a fall trying to get to the bathroom and has lost the ability to speak because of motor neurone disease.

“He has to be hand fed and supervised all the time because sometimes he chokes,” Orn told AFP.

Thailand’s demographic shift requires major physical and cultural changes and investment.

The Labour Ministry was considering lifting the retirement age beyond the current 55-60 years old.

A future government might be required to lift the value-added tax from 7% to 10% as well as consider taxing wealth and inheritance, Burin said.

Bangkok governor Chadchart Sittipunt was ramping up senior activity centres and health clinics, but for many, retirement with dignity was a pipe dream.

A former teacher for 30 years, Aew never married, lost her home during the pandemic and now sleeps on seats at the Bang Sue Grand train station.

“The pension is not enough. I also make plastic flowers to sell on the street… But I want a job,” the 70-year-old said. – AFP, October 16, 2023.