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“ELDERLY FUND” AS OF THE FUNDING SOURCE FOR MONETIZATION OF THAI ELDERLY

Year 2016, Volume: 2 Issue: 6, 675 - 684, 18.12.2016
https://doi.org/10.18769/ijasos.99526

Abstract

Nowadays, there are approximately 10,731,000 elderly
persons or 15.8 per cent of all age groups (as of 2015) (Department of Economic
and Social Affairs, 2015), implying that Thailand is a completely aging
society. As this situation, the biggest problem is the elderly cannot
participate in the labour market and they will not get enough income for their
retired life. However, The Aging Survey found that some of old age persons wish
they could work and 38.4 per cent of elderly persons are still working,
majority of them work as business owner without employees (National Statistical
Office, 2014; Amsuk, 2015).



According to this situation, Thai government has concerned
and tries to solve this financial issue. The government would like to support
the elderly who cannot start up their own business because of the budget.
Therefore, in 2003, the government provided the monetary fund, called “Elderly
Fund” which was established under the Elderly Aging Act 2003 (Office of
Promotion and Protection of the Elderly, 2011).



The objectives of this article are 1) to provide the basic
information of the Elderly Fund as the funding source for monetization of Thai
elderly and 2) to reveal the amount of the Elderly Fund that government
has provided until now, and explain the method and qualification to assess the
fund.



As the research, the Elderly Fund was established by The
Aging Act 2003, the section 13. The Fund has been started the service for
personal aging / group / elderly service centre / and organization which work
for aging since 2007 (fiscal year) (Office of
Promotion and Protection of the Elderly, 2011) and T
he Office of Promotion and Protection for Child, Youth,
Disadvantaged and Elderly
who operate the Elderly Fund. The Fund has
supported and helped in 3 ways: 1) case of personal, 2) aging group and 3) case
of project.



There is no significant difference of method to access to
the loan of the Elderly fund between personal, group and project. However,
personal and group must be Thai and aged 60 years or over. The project supports
the government organization, private organization or aging organization.



The amount of fund shows the huge difference between
personal, group and project, majority of elderly persons participate in the
fund as the personal case. So the amount of money that support the personal
case has been highest. The total amount that Elderly Fund has provided since
2005 - June, 2016 for all cases (personal, group and project) is 1,508.7
million baht (43.62 million USD). Average amount of the fund which is spent per
year is only 167.33 million baht (4.83 million USD).

References

  • Amsuk, Ratchaphon. (2016). ‘Ageing workforce: situation and Thai’s policy.’ Journal of Politics and Governance, 6 (1), September 2015 – February 2016, pages 354 - 365
  • Amsuk, Ratchaphon. (2015). Labour force participation of the elderly in Thailand. Master’s thesis, College of Population Studies, Chulalongkorn University.
  • Buranasing, Nitcha., Prasertsak, Satit. (2012). Thai aging welfare. [Online]. Available from: http://www.parliament.go.th/ewtcommittee/ewt/welfare/download/article/article_20120516063121.pdf.
  • Bank of Thailand. (2015). The impulse of Thai fiscal policy in 2015 - 2016. [Online]. Available from:
  • https://www.bot.or.th/Thai/MonetaryPolicy/ArticleAndResearch/FAQ/FAQ_106.pdf.
  • Department of Economic and Social Affairs, United Nations. (2015). World aging population 2015. New York: United Nations.
  • Department of Elderly Affairs. (2016). The Elderly Fund Report. [Online]. Available from: http://www.olderfund.dop.go.th/content/view/11/67.
  • Ministry of Social Development and Human Security. (2015). Aging poverty. Bangkok: n.p.
  • Ministry of Social Development and Human Security. 2016. Thai government and aging society preparation. [Online]. Available from: https://www.m-society.go.th/ewt_news.php?nid=4838.
  • Knodel, John. Chayovan, Napaporn. (1996). The survey of Thai elderly situation report. Demographic Institute, Chulalongkorn University. n.p.: n.p.
  • Office of Promotion and Protection of the Elderly. (2011). Elderly fund. n.p.: n.p.
  • Paker, A. W. (2002). ‘The Aging Workforce: Perspectives and Implications’. Conference Proceedings - Queensland Mining Industry Health and Safety Conference, Townsville, Australia.
  • Thailand National Statistical Office. (2014). The 2014 survey of the older persons in Thailand. Bangkok: Text and Journal Publication.
  • Thammasat University Research and Consultancy Institute. (2009). The progress report of decentralisation in Thailand. [Online]. Available from: http://www.lrct.go.th/th/?wpfb_dl=1167.
Year 2016, Volume: 2 Issue: 6, 675 - 684, 18.12.2016
https://doi.org/10.18769/ijasos.99526

Abstract

References

  • Amsuk, Ratchaphon. (2016). ‘Ageing workforce: situation and Thai’s policy.’ Journal of Politics and Governance, 6 (1), September 2015 – February 2016, pages 354 - 365
  • Amsuk, Ratchaphon. (2015). Labour force participation of the elderly in Thailand. Master’s thesis, College of Population Studies, Chulalongkorn University.
  • Buranasing, Nitcha., Prasertsak, Satit. (2012). Thai aging welfare. [Online]. Available from: http://www.parliament.go.th/ewtcommittee/ewt/welfare/download/article/article_20120516063121.pdf.
  • Bank of Thailand. (2015). The impulse of Thai fiscal policy in 2015 - 2016. [Online]. Available from:
  • https://www.bot.or.th/Thai/MonetaryPolicy/ArticleAndResearch/FAQ/FAQ_106.pdf.
  • Department of Economic and Social Affairs, United Nations. (2015). World aging population 2015. New York: United Nations.
  • Department of Elderly Affairs. (2016). The Elderly Fund Report. [Online]. Available from: http://www.olderfund.dop.go.th/content/view/11/67.
  • Ministry of Social Development and Human Security. (2015). Aging poverty. Bangkok: n.p.
  • Ministry of Social Development and Human Security. 2016. Thai government and aging society preparation. [Online]. Available from: https://www.m-society.go.th/ewt_news.php?nid=4838.
  • Knodel, John. Chayovan, Napaporn. (1996). The survey of Thai elderly situation report. Demographic Institute, Chulalongkorn University. n.p.: n.p.
  • Office of Promotion and Protection of the Elderly. (2011). Elderly fund. n.p.: n.p.
  • Paker, A. W. (2002). ‘The Aging Workforce: Perspectives and Implications’. Conference Proceedings - Queensland Mining Industry Health and Safety Conference, Townsville, Australia.
  • Thailand National Statistical Office. (2014). The 2014 survey of the older persons in Thailand. Bangkok: Text and Journal Publication.
  • Thammasat University Research and Consultancy Institute. (2009). The progress report of decentralisation in Thailand. [Online]. Available from: http://www.lrct.go.th/th/?wpfb_dl=1167.
There are 14 citations in total.

Details

Journal Section Articles
Authors

Ratchaphon Amsuk

Publication Date December 18, 2016
Submission Date December 26, 2016
Published in Issue Year 2016Volume: 2 Issue: 6

Cite

EndNote Amsuk R (December 1, 2016) “ELDERLY FUND” AS OF THE FUNDING SOURCE FOR MONETIZATION OF THAI ELDERLY. IJASOS- International E-journal of Advances in Social Sciences 2 6 675–684.

Contact: ijasosjournal@hotmail.com

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