Japan's Social Security Benefits Hit Record 132 T. Yen in FY 2020
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Tokyo, Aug. 30 (Jiji Press)--Social security benefit costs in Japan in fiscal 2020 grew 6.7 pct from the preceding year to a record 132,221.1 billion yen, a welfare ministry-affiliated think tank said Tuesday.
The growth was the steepest since fiscal 1995, reflecting expenses related to the COVID-19 pandemic, in addition to the graying of the country's population, according to the National Institute of Population and Social Security Research.
The total amount, including pension, medical and other costs covered with tax revenues and social security insurance premiums but excluding payments by individuals at hospitals, has continued to expand since the statistics started in fiscal 1950.
Of the fiscal 2020 total, pensions increased 0.3 pct to 55,633.6 billion yen, accounting for the largest share, while medical costs jumped 4.9 pct to 42,719.3 billion yen, lifted by pandemic-linked benefits.
Child-rearing, nursing care and other welfare benefits swelled 22.1 pct to 33,868.2 billion yen, due partly to the employment adjustment subsidy program introduced as part of efforts to tackle the pandemic.
[Copyright The Jiji Press, Ltd.]