RSUSSH 2020

IN20-105 Ageing Economy in Early Retirement: The case study on Thailand

Presenter: Suthasinee Kraiwanich
Rangsit University, Thailand

Abstract

            The objective of this study is to compare two groups of 55-60 years, one group who had taken early retirement and the other group who are employed, regarding their participation in the economy and to explore the factors affecting the ageing economy. This is quantitative research, and the data were collected via an online survey of a group of 495 people aged between 55 and 60 years selected by accidental selection. The Index of Item–Objective Congruence (IOC) was applied to test the reliability of the survey. The sample group was divided into two groups, those who had retired early and those who were employed, and employment status was used as a covariant together with dependent variables including demographic factors (gender, education level, career, and housemate) and factors relating to the use of the Internet (device, place, and daily usage). The findings show that the employed group are better prepared for retirement than the early retirement group; however, the early retirement population tends to participate more in the ageing economy, as they have higher in-kind and in-cash revenues. In addition, education level, career, housemate, Internet use, device, and place are factors affecting the ageing economy. The paper recommends that the public sector should create saving plans for young employees, and should provide information about how to prepare for retirement; moreover, to bring older people back to the labor market, useful courses and learning centers should be available for this population, so that they can use their potential to drive the nation’s economy

 

Keywords: Aging economy; Early retirement; Aging society

Citation format:

Kraiwanit, T., Charnbhumidol, P., Onanong, N., & Kraiwanich, S.. (2020). Ageing Economy in Early Retirement: The case study on Thailand. Proceeding in RSU International Research Conference, May 1, 2020. Pathum Thani, Thailand.

QUESTIONS & ANSWERS

สุมามาลย์ ปานคำ (Participant)

How can the findings of this research be used for concrete benefits?

Suthasinee Kraiwanich (Presenter)

Dear Kun สุมามาลย์ ปานคำ,

This study can be applied in a wide range; however, there are two main benefits:

1. Raising awareness of the ageing population in participation in the economy

Since seniors might be concerned about their low productivities due to ageing, many of them, both employed and early retired seniors, can work as good as younger employees. Therefore, these elderly can be retained in the labour market.  This study shows that ageing people, particularly the early retired ones, have adequate potentiality to be a part of economic structure and can drive Thailand economy leading to sustainable economic growth.   

2. Improving the quality of life among the elderly by managing a retirement plan    

The findings reveal that many ageing people who have retired early earn lower incomes than that of employed ones, so they might experience difficulties in their retirement life causing the low quality of life. To improve the quality of life after the retirement of these elderly, a proper retirement plan need to be created and managed strictly, so they will have sufficient incomes to live on when they retire. This study suggests that the public sector should support employees by establishing policies regarding ways to prepare for retirement, such as creating saving plans for young employees, decreasing interest rates for loans for start-ups, and giving information about how to prepare for retirement.     

I hope my answers can help to clarify your doubt. 

Thanks for your attention, 

Suthasinee Kraiwanich