Japan Lower House OKs Pension Reform Bills

Politics Lifestyle

Tokyo, May 12 (Jiji Press)--Japan's House of Representatives approved on Tuesday pension system reform-related bills, which include a plan to expand the scope of part-time workers who can join the "kosei nenkin" public pension program mainly for corporate workers.

The bills were approved by a majority vote from both the ruling and opposition parties, except for the Japanese Communist Party, at a plenary meeting of the lower chamber of the Diet, the country's parliament.

After deliberations at the House of Councillors, the upper chamber, the bills are expected to be enacted by the end of the current Diet session on June 17.

Under the bills, those working at companies with 51 or more employees will be subject to the kosei nenkin system from October 2024. Currently, the workforce requirement stands at 501 or more.

The revision is aimed at increasing the number of people supporting the public pension system, enabling some 650,000 people to newly join the kosei nenkin program.

[Copyright The Jiji Press, Ltd.]

Jiji Press