If you’ve been automatically enrolled in a workplace pension
The first pension system in Thailand was initiated in 1902 by King Rama V for the well-being of all government officials after their retirements. It was the defined benefit scheme which was funded by the annual government budget, granting pensions to all government officials, and was based on the last month salary. The pay-as-you-go scheme continued for almost a century but the inherent and increasing financial burden urged the Thai government in 1990s to strengthen its sustainability by adopting the World Bank’s Multi-Pillar of Old Age Security.