Japan Social Security Benefits Top 120 T. Yen in FY 2017

Politics Lifestyle

Tokyo, Aug. 2 (Jiji Press)--Social security benefits paid out in Japan in fiscal 2017 reached a record high and exceeded 120 trillion yen for the first time, a welfare ministry-affiliated think tank said Friday.

The figure for the year to March 2018 stood at 120,244.3 billion yen, up 1.6 pct from the previous year, the National Institute of Population and Social Security Research said.

Social security benefits have been on the increase since statistics began in 1950.

Such benefits include pensions and spending for medical services, with self-pay portions excluded. They are mainly financed by tax revenues and social security insurance premiums.

By category, pensions totaled 54,834.9 billion yen, the largest figure and nearly 50 pct of the total. But the year-on-year growth of pensions was only 0.8 pct, due in part to a drop in public pension allowances.

[Copyright The Jiji Press, Ltd.]

Jiji Press