The country where workers are being offered the chance to retire at 45

By Max Parry, News Reporter

Rama 9 bridge and Kasikorn Building, with skyscraper high rise buildings (Image: Getty)

The retirement age in the UK is currently 66, but it's rising to 67 between 2026 and 2028. In France, the retirement age is six months after workers' 62nd birthday. However, there's one place where you can retire at 45: Thailand. 

It should be noted, that this policy isn't nationwide in Thailand. It's actually only being put forward by one company. Kasikorn Bank, or KBank, is launching a special early retirement (ER) programme where staff can retire five years before they're 50. According to an internal announcement, KBank, the country's third-largest bank by total assets, launched the one-time ER scheme allowing employees aged 45 and older to volunteer for early retirement.

Some staff at Kasikorn may be able to retire at 45 (Image: Getty)

Under the terms of the scheme, applications must be submitted from Aug 15 to Oct 7, with approval subject to the bank's discretion. Eligible applicants must be 45-59.

Successful applications receive retirement compensation and additional allowances based on their age group.

Applicants aged 45-49, 50-54 and 55-59 also get additional allowances equivalent to eight, 10 and 12 months' salary, respectively.

Tanit Sorat, Vice President of the Employers' Confederation of Thai Trade and Industry, claimed that in general, ER schemes can be a mechanism to force staff out early.

The head office of Kasikorn Bank (Image: Getty)

He told Bangkok Post: "Those who apply for ER programmes in the banking sector often suffer from burnout, while employers may use these schemes as a way to quietly push staff out."

Sastra Mungkornusawakul, executive vice-president at KBank, told the outlet the move was designed to improve productivity in the face of the innovative potential of artificial intelligence.

"AI disruption arrived faster than the bank anticipated, growing exponentially last year and this year," said Mr Sastra.

"Meanwhile, some employees requested a special ER programme because they felt uncomfortable adapting to digital and AI technologies."