Japan Public Pension Programs Log Record Surpluses
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Tokyo, Aug. 6 (Jiji Press)--Japan's "kosei nenkin" and "kokumin nenkin" public pension programs both marked record surpluses on a market value accounting basis in fiscal 2020, the welfare ministry said Friday.
The kosei nenkin pension program, mainly for corporate employees, logged a surplus of 34,782.5 billion yen, while the kokumin nenkin program, chiefly for the self-employed, posted a surplus of 1,968.3 billion yen.
The programs turned surpluses for the first time in two years and three years, respectively, thanks to a recovery in stock prices from steep declines triggered by the novel coronavirus crisis.
In fiscal 2020, which ended in March, Japan's Government Pension Investment Fund, which manages public pension funds, saw an investment profit of 35,683.7 billion yen for the kosei nenkin system and a profit of 2,048.9 billion yen for the kokumin nenkin system. In fiscal 2019, the GPIF suffered massive investment losses.
"We will continue to manage pension funds safely and effectively from a long-term perspective," a ministry official said.
[Copyright The Jiji Press, Ltd.]