Pension Payments in Japan to Rise for 2nd Straight Year
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Tokyo, Jan. 24 (Jiji Press)--Public pension payments in Japan in fiscal 2020 from April will be raised by 0.2 pct year on year, up for the second straight year, the Ministry of Health, Labor and Welfare said Friday.
The growth rate reflects a cut by 0.1 percentage point under an adjustment scheme known as "macroeconomic slide" aimed at keeping the growth of pension benefits below that of price and wage increases.
This means that pension payments in the coming fiscal year will drop in real terms, as the size of growth in pension benefits will be smaller than that of price and wage rises.
In fiscal 2020, monthly benefits will rise by 133 yen to 65,141 yen per person under the "kokumin nenkin" pension program for self-employed and other people, and by 458 yen to 220,724 yen for a standard household composed of a couple under the "kosei nenkin" program for corporate employees.
Pension benefits are revised every fiscal year to reflect changes in prices and wages.
[Copyright The Jiji Press, Ltd.]