NESDB’s proposal for Thailand’s Generation Y
Concerned with the easy-going lifestyle of Thailand’s millennials, or Generation Y, and their ability to support efforts to drive the country forward over the next two decades, Thailand’s National Economic and Social Development Board (NESDB) has proposed a support system to encourage them to change their lifestyle to be more pro-active, more socially responsible and more enthusiastic about developing their career paths.
The proposal is contained in the NESDB’s paper, entitled “The Development of Generation Y to Accommodate the Drive to Move Forward the Country” .
The paper identifies Generation Y as forming the largest labour group in the twenty years, more educated than the other generations, highly skilled, well versed in technology, independent, spending readily on non-essentials, making little or no attempt at financial planning, marrying late and not taking care of their health.
These characteristics will result in a drop in the Thai population, a reduced dependency ratio, a labour shortage and an increase in the financial burden of taking care of retirees.
In order to ensure Generation Y becomes the driving force behind the country’s future development, the paper recommends policies to create an environment that will allow millennials to take care of their families and the elderly, while still being able to work efficiently.
The paper also recommends affordable nurseries and welfare homes for the elderly, as well as welfare for the retirees so they can support themselves and a comprehensive social security system, among others.