Thailand has been an aging society since 2005. According to the latest information in 2018, there are 11.8 million senior citizens, representing 17.7 percent of the total population. From the business perspective, the demographic shift creates an opportunity for Thai companies to rethink and adjust their business plans. The job market for the elderly now concentrates on seniors with sufficient savings for their retirement. If there is a platform for qualified elderly who need a financial boost to re-enter the job market, this segment of senior citizens can be another interesting target group for businesses.
KResearch views that one of the business models to create income for the elderly who require flexibility and an environment appropriate for business competition is the freelance community for seniors. This is a platform specially designed for the elderly community and companies wanting to hire older adults to perform specific functions with certain skill requirements for each assignment.
Freelancing can accommodate flexible work hours for the elderly, who will be paid by the gigs they do instead of regular wages. This provides an opportunity for some senior citizens, who are willing to become productive again. Nonetheless, there are certain limitations in terms of the availability of gigs for every older adult and skills required by the job market. The actual number of senior citizens hired in this business model may be small, and the elderly job market may concentrate on people aged 60-69. The job opportunity for seniors depends on the skill and health of each individual and the market demand for senior freelancers with certain experience that is needed by business organizations. The competition between the young and the senior freelancers in the gig economy is also a factor in the employment opportunities for senior citizens.
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