The Economic Significance of Work Experience for Elderly Employment in Thailand

Abstract

A rapid demographic change to the aging and aged population in Thailand has led to a reduction in the labor force, and an increasing concern about the economic potential of the country. Therefore, a study of older adults who are capable of working, and an analysis of the significance of their work experience is vital for public policy. An analysis of the data from the 2018 Labor Force Survey in Thailand demonstrates that older adults in the age groups of 60-64 and 65-69 who are capable of working constitute 24.2% and 21.2% of the population, respectively. Among these older adults are retirees, who have the highest potential because they are well educated and highly experienced. Multinomial logistic regression was applied to correct the selectivity bias in the analysis of the return on work experience. The results indicate that the marginal return on work experience is 2.75% for high-skilled occupations. There are similar results for semi-skilled and low-skilled occupations (1.99% and 1.73%), however, diminishes more rapidly in the latter than in the former. These findings indicate that the value of experience increases with occupations that require skills, and diminishes significantly in jobs that mainly require physical strength (i.e., low-skilled occupations). This study suggests that older adults with the potential to do so should be encouraged to remain active in the labor market, and that labor demand is enhanced by emphasizing the value of their experience.

Psychological distress during COVID-19 pandemic in low-income and middle-income countries: a cross-sectional study of older persons in Thailand

“…11 Despite this context, life expectancy had been increasing over the years, 12 and a substantial proportion of older people remained engaged in economic activities. 13 The pandemic has affected the need for continued gainful employment among adults, and this extends to the older population, further exacerbating the situation. This study focuses on the psychological well-being of the older population of Thailand during the COVID-19 pandemic.…”

Do elderly want to work? Modeling elderly's decision to fight aging Thailand

“…Healthcare eligibility (x 13 ) 14. Residential type (x 14 ) Previous studies, for example, Arkornsakul et al (2020), Bai and Liu (2020), Coe et al (2013), Kim (2016), Matthews and Fisher (2013), Turner et al (1994) and Wattanasaovaluk (2021), utilize only some of these mentioned variables. We strengthen our study by incorporating all of these variables and using a different statistical approach to see how each variable influences the elderly's desire to work.…”

“…Thai society has entered into an aging society since the year 2000 and is predicted to become a super-aged society by 2031 (National Statistical Office 2018;Srisuchart et al 2019;Wattanasaovaluk 2021). This change in the country's population demographic has important implication to the country in various dimensions, for example, the caregiving industry, the labor market, the social security payouts and the country's economy productivity (Arkornsakul et al 2020;Bloom et al 2015).…”

“…Thai society has entered into an aging society since the year 2000. By 2010, the population age 60 and above in Thailand amounts to 8.4 million which is 13.2 percent of the total population (Wattanasaovaluk 2021;Wongboonsin et al 2017). It is estimated that in 2021 Thailand will enter into a complete aged society, which means that Thai population 60 years and above will account for twenty percent of the total population and by 2031 Thailand will become a super-aged society with population 60 and above amounting to twenty-eight percent of the total population (National Statistical Office 2018;Srisuchart et al 2019).…”

The economic impacts of COVID‐19 lockdown on low‐income older people in Thailand

“…7 In Thailand, over a third (37%) of Thais aged 60 years or over participate in the labour force, 6 although about 80% work in the informal sector. 8 , 9 Thus, older people who are self‐employed, daily wage earners or labourers in the tourism and service industries have been most affected by the pandemic and by government containment measures. Most of those who were not laid off experienced a reduction in work hours and salaries.…”