Japan Parliament Enacts Pension Reform Bills

Politics Lifestyle

Tokyo, May 29 (Jiji Press)--Japan's parliament Friday enacted 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, with support from both ruling and opposition parties, at a plenary meeting of the House of Councillors, the upper chamber of the Diet, the country's parliament. The bills passed the House of Representatives, the lower chamber, earlier this month.

Under the legislation, those working at companies with 101 or more employees will be subject to the kosei nenkin system from October 2022, and the coverage will be extended to those working at companies with 51 or more employees in 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, especially with a view to allowing more elderly people and women to join the program, to realize a social security system for all generations.

Some 650,000 workers will newly be able to join the kosei nenkin program.

[Copyright The Jiji Press, Ltd.]

Jiji Press