Taro Kono, one of the four candidates for LDP president, proposing the introduction of a system that guarantees a minimum pension payment regardless of the amount of contributions made.
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A stable pension system is meaningless if people cannot receive enough pensions to live on.
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u_s__reamer
The penny (or Yen) is starting to drop: no money = no consumption = crisis of capitalism. Japan appears poised to enter a new phase of its socioeconomic system; perhaps helped along by indigent boomers and a Covid knock-on effect?
JeffLee
This is what Canada does for its basic pension - free for anyone who breathes.
The way Japan bills people, insurance style, for monthly cash payments is ridiculous. If there's a reason for this, I'd like to know. It just invites delinquency and raises administrative costs.
Robert Cikki
I smell another pension fund reform again. There have been so many in the last 3 decades I can't even count. Different names, different reform names, bold claims...
Just different excuse. And I bet elderly people will be persuaded among the first..
Mr Kipling
The basic state pension in Japan after paying in for 40 years is less than ¥67,000 a month. So good luck to anyone who thinks thats going to be enough to live on.
Sven Asai
With higher technology levels, some environmental problems causing necessary shrinking measures, disrupted unsteady employees’ work careers, many low wages sectors, shorter working hours, pandemic closures, lower birth rates and quickly aging societies, to name a few reasons, all those decades old systems have become obsolete and mostly already need massive refills from the tax money pool. Whatever it is called, it will be a kind of a basic citizens’ income and one needs extremely high efforts and luck to get significantly above that basic level, as a worker and also as a pensioner. Only an example in theory, but you will need to work double as hard and long or get double size income just to get 10% more pension than the average etc. Why that low? Yes, you guessed it…lol
Ubesh
The economic situation is not unique to Japan but does raise the question about who is going to pay for it. A while back the world was asking about providing a universal basic income to the youth who are struggling to get high quality jobs, meanwhile we have a growing elderly population in most of Europe and Asia.
Septim Dynasty
A pension system does not work if it does not have any money. Japan's pension system will gradually deplete all of its wealth.
ShinkansenCaboose
40 years for ¥65,000 a month is the minimum. If you paid in more because you made a lot of Yen, does it not go higher.
didou
How is that.
Never had to pay for my wife but it was more than 15 years ago. She was not in the scheme and never paid before meeting me. It was not compulsory at that time to join the scheme for part time employees or students.
bass4funk
This is exactly why I never worked for anyone after 30, started to work for myself, I could see the end of the runway on this one.
Matt Hartwell
Do they have a superannuation style system in Japan? Never having worked in the country, I dont know. In Australia that was meant to replace, to a large extent, state pensions, but the cost of living means people will still need to collect a pension, hopefully less than the full amount.
Peter Neil
You have to contribute to the system before receiving a pension. The average pension is not much. In March 2021, the average payment was CAN$ 619. The maximum is about CAN$ 1,200.
Here's the official site if you would like to educate yourself:
https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/amount.html
JeffLee
@Peter Neil
No you don't. OAS is based on years residency. Here's the official site if you would like to educate yourself:
https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security.html
(You're quoting the CPP, which is not the nenkin equivalent.)
Peter Neil
Yes, more evidence that it is not free to anyone who breathes. What, you think someone can just move to Canada and get a pension?
Aly Rustom
very true
JeffLee
@Peter Neil
Canada's basic pension is NOT based on contributions, as you asserted and which I clarified. Stop spreading misinformation.
One of my several comments was a humorous-tinged idiom, not to be taken literally. Get over it.