On July 23 at 11:35 AM at Parliament, during a session of the House of Representatives chaired by Deputy House Speaker Pichet Chuamuangphan, deliberations were held on the National Savings Act (Amendment) Bill, commonly known as the Retirement Lottery or GPF Lottery, which had been finalized by the ad hoc committee and was being considered in its second reading, article by article.

Deputy Finance Minister Paopoom Rojanasakul, in his role as chairman of the committee, explained that six key amendments were made for optimal benefit:

  1. The law will take effect 60 days after promulgation to allow time for system and app readiness.
  2. Prize money regulations will be specified in ministerial regulations for flexibility and administrative efficiency, aligning the project with citizens' needs and economic impact.
  3. Provisions were added to potentially allow early withdrawals before age 60, detailed in ministerial regulations.
  4. Disabled individuals will be allowed to make up to three early withdrawals, up from one.
  5. GPF will be responsible for refunding the full principal at age 60.
  6. Various minor amendments were included.

Paopoom emphasized that the Retirement Lottery is a new savings innovation designed to appeal to Thai citizens' fondness for lottery games, using the concept “Buy a lottery, save money” to address Thailand’s low savings rate. Every Thai citizen aged 15 and above—government workers, soldiers, police, office employees, and informal workers—can participate.

Each ticket costs 50 baht. There are five first prizes of 1 million baht and 10,000 second prizes of 1,000 baht each. Drawings will be held every Friday at 5:00 PM. Winnings are immediately transferred to PromptPay accounts. Regardless of winning, the 50 baht ticket cost is deposited into a personal savings account. The government guarantees to return all saved funds when participants turn 60.

Those over 60 can also join but must save for five years. If they pass away, the full amount is passed to their named beneficiary.

Paopoom summarized three key benefits: 1) A chance to win a prize every Friday, 2) Accumulated retirement savings, and 3) Investment returns from GPF’s portfolio management. This project, developed by the Cabinet and improved by the committee, aims to make saving enjoyable under the principle "Buy a lottery, save money,” making Fridays a happy day for savers.

Some members debated Article 2 concerning the 60-day enforcement period, advocating for a return to 30 days. They questioned the Ministry of Finance’s readiness.

Paopoom responded that both the Ministry and GPF are preparing necessary sub-laws and will submit them to the Cabinet. The 60-day period is seen as appropriate to allow the first lottery sale to begin in Q4 of this year.