politics

Lower house passes bill allowing delayed pension payout

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"Allowing"

"Oh goodie, we're "allowed" to slave away until we die."

Yes; allowing.

Meaning you'll do it if you WANT TO. No one will force you.

Much better than our UK's Department for Work and Pensions proposals to increase the State pension age to 68.

The difference?

1) Japan allows you to delay collection.

2) The UK will force you to delay collecting.

And then some complain about being "allowed" to delay.

Jeeeezus Christ.

0 ( +0 / -0 )

Fwiw a lot of senior japanese that decided to live in places like chiang mai, cebu are living upper middle class lifestyle with 200000 yen a month that Japan gives them. The pension system in Japan is not so bad compared to what you get in other countries.

1 ( +1 / -0 )

Perhaps you are new to japan, most likely you are

lol I've been in Japan probably longer than you have been on planet Earth.

how many Japanese people actually pay pension do you think.

All the ones I know, apart from the sengyo shufu who get a free ride. And students, who can apply for a dispensation until they start earning.

Most of the people in my immediate neighbourhood are past the age of paying in, they're on the receiving end. And since they've all paid in, they're all receiving.

Invalid CSRF

1 ( +1 / -0 )

Yup, having your assets seized is pretty intimidating.

LOL

provide proof of that EVER happening. Perhaps you are new to japan, most likely you are, how many Japanese people actually pay pension do you think. Have all those people had their assets removed? Big girl pants on, stop being intimidated

-2 ( +0 / -2 )

The wrong legal advice, not paying into the pension scheme will get you into a load of bother and aggro.

1 ( +1 / -0 )

nobody is legal binded to pay into any pension scheme

日本に「在住」する人全てに年金加入の義務があります。

Everyone resident in Japan is under an obligation to join a pension scheme.

20~60歳の人は全員無条件で「国民年金」に加入の義務があり

Everyone between the ages of 20 and 60 is obliged to join the kokumin nenkin scheme.

支払いが数ヶ月滞ると督促状・催告状が届き、電話や戸別訪問で支払いを催促されます。それでも支払いをしなければ、財産を差し押さえられて強制徴収されることも。

If payment falls several months overdue, you will be sent a reminder/demand for payment. Telephone calls or visits to your home will be made, urging you to pay. If you still fail to pay, your assets will be placed under distraint and collect will be made forcibly.

Yup, having your assets seized is pretty intimidating.

https://shirofune.jellyfish-g.co.jp/others/pension-system

0 ( +1 / -1 )

Some of us prefer not to break the law, then have to face the repercussions years later.

I see you are new to japan. nobody is legal binded to pay into any pension scheme. They can intimidate people into paying but that’s it, the staff at the Japan pension office even confirmed that .

-2 ( +0 / -2 )

Americans work to live.

Europeans just want to live, not work.

Japanese live to work.

-2 ( +0 / -2 )

The Japanese pension system is criminal, get your pension from overseas if you need to but never ever pay into the Japanese one. You’ll never see your money again and if you do, it’ll be a pittance

Some of us prefer not to break the law, then have to face the repercussions years later.

0 ( +2 / -2 )

The Japanese pension system is criminal, get your pension from overseas if you need to but never ever pay into the Japanese one. You’ll never see your money again and if you do, it’ll be a pittance

-4 ( +1 / -5 )

People who work for a company for 40 years can also have a private pension.

1 ( +1 / -0 )

I think many of the posters don't really understand the measure. It's a liberalization move, giving pension contributors more choices

The government are moving the goalposts...

"Widening" the goalposts is a more appropriate description.

2 ( +2 / -0 )

My retired friend gets ¥65000 a month.

Sounds like your friend paid only into the kokumin nenkin, and that not for the full 40 years.

If you're paying only the kokumin nenkin and expect to have to live off your pension when you retire, you need to start paying into a private pension scheme, as young as possible.

my dogs food bill is ¥35000+ a month.

What are you feeding him, gold nuggets?

A 12kg bag of Science Diet lasts a 35kg dog at least a month, and costs less than ¥6,000. Add in a few quality treats, chews, toys and vet insurance and you would still come in well under ¥10,000.

Invalid CSRF

5 ( +5 / -0 )

Guaranteed this was passed knowing they'll save money on at least a certain percentage of those people, who have payed into the system for more than 50 years, will die before they see a dime. TIJ.

3 ( +4 / -1 )

It's voluntary, you decide if you want to delay the pension

3 ( +3 / -0 )

my dogs food bill is ¥35000+ a month.

seems like you need a smaller dog

3 ( +3 / -0 )

here's an idea make it 100yrs then give everybody 500% of the yearly pension, you'll be surprise just how many aim for that age.

3 ( +4 / -1 )

Pension schemes, Insurance schemes, credit card schemes, part-time vs full-time employment schemes....they are/wre all schemes to suck the stupid into believing they were just as smart s smart people.  Going on 40 years.  Everyone used to think they were stupid....then everyone thought they were average, then everyone thought they were above average...now everyone tinks they are smart....stupid became smart...and everyone is entitled...the Corona virus puts things in perspective.  Our grandparents were much smarter than us.  Less educated, but smarter. We are reaping the whirlwind and although it sucks, it is unfair and we hate it, in an odd sort of way I see my grandfather, who fought in WW2 looking down and saying...."I told you so."  Maybe we deserve it.  Just maybe.

0 ( +2 / -2 )

The pension system in japan is a massive scam anyway, anyone with enough sense would avoid it at all costs

-4 ( +1 / -5 )

My retired friend gets ¥65000 a month.

my dogs food bill is ¥35000+ a month.

sounds like your friend. Should be sure not to get a dog.

2 ( +2 / -0 )

The fraud just continues anyone know what a politician gets?

Most politicians have privileged backgrounds. Tried googling Akie Abe’s wealth, but google won’t tell me.

0 ( +0 / -0 )

My retired friend gets ¥65000 a month.

my dogs food bill is ¥35000+ a month.

-2 ( +0 / -2 )

So sorry for the 45 to 52 yrs old who have put in the time and looking for to a much needed promotion as the elder workers retire, but now the elders can stay longer prolonging the youngsters with no hope of advancement.

Oh please, the elder workers have vast experience and knowledge and during times of economic and financial uncertainty like we're experiencing today, our elders are needed more than ever. Face it, they are worth every penny you're not getting from that raise (-;

-1 ( +0 / -1 )

ha...ha...Wait till your 75 and almost dead" or can't even enjoy life that much anymore

-1 ( +0 / -1 )

The fraud just continues anyone know what a politician gets? Bet it's enough to support 3 people.

More like a dozen people .

4 ( +4 / -0 )

Well the LDP are taking care of their base, brill cream using, polyester suit wearing, tooth sucking oyaji salary men. Now they can bully their young kohai well into their 70s.

4 ( +4 / -0 )

The fraud just continues anyone know what a politician gets? Bet it's enough to support 3 people.

3 ( +3 / -0 )

I would like to correct one inaccuracy. Under the current system, people aged 60 to 64 are subject to reduction if the combined total of their average monthly wage and their monthly pension benefits exceeds 280000 yen.

1 ( +1 / -0 )

How about introducing some kind of system to allow self-employed, temporary workers and freelancers to pay into the pension without it being ridiculously expensive? Even if it resulted in reduced benefits upon retirement. Like the UK has.

1 ( +1 / -0 )

"That means if someone starts receiving their pension from age 75, the monthly amount will be 84 percent more than when if they started at 65." What are the actuarial statistics for the number of people who are projected to die in that 10 year period, and what role did that play in the government's calculation? Invalid CSRF

3 ( +3 / -0 )

Thanks for that titin So no compounding then.

Break even for deferral is 10 divided by 0.84 or approximately 12 years past 75, making it 87.

Average life expectancy for a 65 y.o. male in Japan is 19.3 years, so 84.3. Like with salaries, I'd imagine 65% don't make it that far and the average is bumped higher by the extremely long lived. For most people, this deferral sounds like a raw deal.

https://www.rehouse.co.jp/senior/detail02.html

As for why people continue to work, I think an increasing number are still supporting their family when they hit 65. Our youngest was born when I was 43, so I'll still be paying if she goes to four year college.

I have every intention of living simply and frugally once I get past say 75. I doubt many people will still have the energy and gusto to properly enjoy a lot of money at that age.

2 ( +2 / -0 )

In Japan, the rich is getting richer and the poor is getting poorer. Foreign rich people, not Japanese.

Koizumi and Abe repeated what Thratcher did to destroy the British economy. Trickle down economics 3.0

The pandemic is a perfect storm for Japanese big employers (mostly foreign controlled, nowadays) to lay off unwanted people in mass and dodge more taxes. The bill is a part of that trickle down economics.

0 ( +3 / -3 )

And you're screwed out of everything if you die at 59. FWIW, I was supposed to die at 45, yet here I still am at 51. I don't believe I will ever be able to completely retire. I sure am not going to trust any government to help me out.

2 ( +2 / -0 )

Good luck in being able to reach the age of 75 and still be able to work. Most of us won't make it unless we live highly regimented lifestyles.

2 ( +2 / -0 )

I have always assumed, for many years now, that retirement (in any meaningful sense, such as our parents and grandparents have/had) will go the way of the dodo. I pay into the UK and Japanese pension schemes (as I am legally obliged to do here; unlike a lot of slackers!). I should get the full payout from both. With my house paid off in my fifties, I just hope I can survive on my pensions and meager savings. I'll probably drop dead at work one day in my seventies!

2 ( +2 / -0 )

And people wonder why I avoid the pension system like the plague! Yah, no thanks.

The pension system will either become insolvent, or we will simply see massive inflation, making your pension equally worthless.

3 ( +6 / -3 )

The current law on the country's public pension scheme sets the payout age at 65 in principle, though it allows people to start receiving benefits between 60 and 70. The bill expands that age band to 60 to 75.

Seems like some missed the point here. The new law does not require a person to wait until they are 75. It merely allows those that decide, based on their personal health and wealth issues, to wait until few years later to start receiving their benefits at a higher, (however slightly), rate.

The overused and extremely inappropriate term "slavery" is hyperbole at its worst. Actual slaves are not allowed to retire, nor receive benefits. Nor can they chose to leave their work at any time as is the case with virtually every citizen here. Dial it back a few clicks, folks.

5 ( +10 / -5 )

Nice timing when even the apathetic are less likely to demonstrate. I can’t believe what I just read. WTF

7 ( +7 / -0 )

So besides for hourly paid jobs who exactly is going to hire these 70 plus year olds?

most companies still have their retirement age set at 60 and then they offer 1 year renewable contracts at as low as 1/3 of their original salary.

so these people are supposed to work from 60-75 at a fraction of what they were worth? Eg 5 years of work from 55-60 has the same earnings as 15 years from 60-75.

8 ( +8 / -0 )

Inevitable and I reckon it will be 85 years old when I want to retire.

5 ( +6 / -1 )

I was just trying to work out how long you'd have to live to benefit from deferring or not deferring your pension. However, Excel tells me that 1.007 to the power 120 (an increase of 0.7% a month for 10 years) is 2.309, an increase of 131%, not 84%. An 84% increase in 120 months is more like 0.5% a month.

I suspect it's still best to get as much free time as possible as early as possible when you are genki.

nope. You get 0.7% interest on the paid capital (the pension). The interest is not reinvested. Therefore:

0.7%x120months=84%

Normally, bonds, pensions and mortgages rates are calculated on the bare capital, without interests.

1 ( +1 / -0 )

Good.

-7 ( +0 / -7 )

However, Excel tells me that 1.007 to the power 120

Might want to check your math there!

1 ( +1 / -0 )

So sorry for the 45 to 52 yrs old who have put in the time and looking for to a much needed promotion as the elder workers retire, but now the elders can stay longer prolonging the youngsters with no hope of advancement.

13 ( +13 / -0 )

Should be unconstitutional!

2 ( +3 / -1 )

Dead end.

said it before and I will say it again,from slavery straight into your grave.Forget your nenkin.

12 ( +13 / -1 )

Right, "runner3", that's what I'm planning to do.

I want to enjoy my retirement pay as long as possible, not just for a mere 5 or 6 years.

The government gives, the government takes (quite often more than it gives).

9 ( +9 / -0 )

My advice is retire and grab the money as fast as you can.

24 ( +24 / -0 )

The government are moving the goalposts, changing the rules before the match has ended.

13 ( +14 / -1 )

I was just trying to work out how long you'd have to live to benefit from deferring or not deferring your pension. However, Excel tells me that 1.007 to the power 120 (an increase of 0.7% a month for 10 years) is 2.309, an increase of 131%, not 84%. An 84% increase in 120 months is more like 0.5% a month.

I suspect it's still best to get as much free time as possible as early as possible when you are genki.

12 ( +12 / -0 )

Allowed. What have we citizens allowed from our governments? Allowed? Let them eat cake all over again.

13 ( +13 / -0 )

Never let a crisis go to waste, good timing slipping this under the radar at this time. If you parse this, "allowing" means keep working, paying into the system and hopefully for the gov receive benefits for a shorter period of time and "More part-time workers and other nonregular workers will be able to enroll in the employee pension program under the envisioned law" means trying to rope more, young, non-salaried workers into paying into the plan.

19 ( +19 / -0 )

What about foreigners living in japan here ?? My country people don’t live till 75 years... :( .. my pension money also gone

11 ( +12 / -1 )

They’re hoping you’ll be dead by 75...

34 ( +34 / -0 )

allowing people to start receiving benefits as late as age 75,

"Allowing"

Oh goodie, we're "allowed" to slave away until we die.

Thank you government for "allowing" that.

18 ( +23 / -5 )

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