Japan FY 2019 Social Security Benefits Hit Record 123 T. Yen

Politics Lifestyle

Tokyo, Aug. 31 (Jiji Press)--Social security benefits paid out in Japan in fiscal 2019 grew 2.1 pct from the previous year to a record 123,924.1 billion yen, a welfare ministry-affiliated think tank said Tuesday.

The figure for the year to March 2020 increased due to Japan’s aging population and the government’s program to slash household costs of preschool education and nursery services.

Benefits per capita also hit a record high of 982,200 yen, according to the National Institute of Population and Social Security Research.

Social security benefits are classified into three groups--pensions, medical services, and welfare and other purposes including elderly nursing and child care. They accounted for 44.7 pct, 32.9 pct and 22.4 pct of the total, respectively.

Social security benefits are mainly financed by public insurance premiums and tax revenues. Self-pay portions are excluded from the data.

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Jiji Press