The Act on Older Persons 2003 has been in force since 2004, consisting of 24 sections, with these
following significant issues
1) The Elderly Right
2) National Mechanism on the Elderly
3) Tax Privilege
for Children Who Take Care of Their Parents
4) The Elderly Fund.
Old Age Protections and Security
• Government Pension Fund: Thailand establishes the Government Pension Fund in 1997 aiming to secure long term income after retirement of public servants who are members of the Fund which is of contributory type.
• Tax Privilege for Older Persons: The Revenue Department, Ministry of Finance takes tax measures in order to provide social support to the elderly as follows:
(1) Tax deduction entitled to any children who earn income and take care of their own older parents and their parents in law
(2) Tax deduction entitled to health insurance policies purchased by any children for their older parents and their parents in law.
• The Elderly Fund: The Elderly Fund is established in 2004, under the prescription set forth in the Act on Older Persons : 2003, as the government fund intended to be used as expenses to protect, promote and support older persons.
• Establishment of the Provident Fund: The private business entities and the state enterprises have established their provident funds to provide income protection and stability to their own employees after retirement.