Japan Panel Proposes Allowing Pension-Starting Age above 70

Politics Lifestyle

Tokyo, April 23 (Jiji Press)--An advisory panel to Japan's finance minister adopted recommendations on social security system reform on Tuesday, calling for raising the upper age limit, currently at 70, on the start of receiving public pension benefits.

The recommendations, drawn up by the Fiscal System Council, came as the number of elderly employees is increasing in the country.

Currently, people eligible for public pensions are allowed to decide their pension-starting age between 60 and 70 years old.

According to the recommendations, monthly pensions to be provided from age 60 are estimated to be 30 pct lower than those starting at age 65. By contrast, monthly pensions from age 70 are projected to be 42 pct higher than those from age 65.

In light of the estimates, the advisory panel said it is necessary to give future pensioners an option to raise their monthly pension levels.

[Copyright The Jiji Press, Ltd.]

Jiji Press