House unanimously passes bill on retirement lottery sales

Thailand’s House passes a bill allowing the sale of a retirement lottery, with MPs urging flexible withdrawals, tax benefits, and higher prize money.

The House of Representatives on Wednesday voted unanimously to pass the first reading of a bill allowing the National Savings Fund (NSF) to sell a retirement lottery.

The bill was approved with a 401:0 vote following a lengthy debate, during which many MPs proposed amendments to enhance benefits for people looking to save for retirement through lottery purchases.

At the time of the vote, 403 MPs were present, but two did not cast their votes after the identification process.

Key Provisions of the Retirement Lottery Bill

The bill seeks to replace the National Savings Fund Act of B.E. 2554 with new provisions enabling the NSF to sell a retirement lottery.Under the proposed scheme, buyers would be able to save the money spent on lottery tickets and withdraw their savings upon reaching the retirement age of 60.

Following its approval in the first reading, the House established a special committee to review and refine the bill.

MPs Call for More Flexible Withdrawal Rules

During the debate, some MPs suggested amending the bill to provide greater flexibility in withdrawal conditions.

They noted that some buyers might start purchasing tickets as early as 15 years old. Having to wait until 60 to access their savings could be too restrictive.

Several MPs proposed that buyers should be allowed to borrow against their savings in case of emergencies, such as serious illness or financial hardship.

Proposals for Increased Lottery Prizes and Tax Deductions

Other MPs recommended that the NSF increase prize money for the retirement lottery to make it more competitive with the Government Lottery Office’s rewards.

Some suggested that investments in the retirement lottery should be eligible for tax deductions, encouraging more people to participate.

Additionally, several MPs called for guaranteed yield rates on retirement lottery investments to ensure financial stability and long-term benefits for participants.

Calls for Expert Management and Safeguards Against Misuse

MPs also emphasised the need for financial experts to manage the funds raised through the retirement lottery to prevent misuse or financial mismanagement.

They estimated that the annual revenue from retirement lottery sales could reach 13 billion baht.

Deputy Finance Minister Outlines Lottery Prize Structure

In response, Deputy Finance Minister Paopoom Rojanasakul explained that each week, the NSF would sell 5 million tickets, offering a total of 15 million baht in prizes per week or 60 million baht per month.

He stated that if demand exceeded 5 million tickets per week, both the number of tickets and prize amounts would be increased accordingly.

Paopoom also promised to consider MPs’ suggestions, including adjustments to the savings withdrawal period and the possibility of tax deductions, during the bill’s vetting process.

(2025/04/02-00:00)