Japan Pension Benefits to Rise for 1st Time in 3 Yrs
Tokyo, Jan. 20 (Jiji Press)--Japanese public pension benefits will rise for the first time in three years in fiscal 2023, although at a slower pace than a major inflation rate, the welfare ministry said Friday.
Benefit increases, set at 1.9 pct for pensioners aged 68 or over, will be limited because the ministry will activate what it calls the macroeconomic slide mechanism to curb benefit payments for the first time in three years.
Japan revises the amounts of pension benefits every year to take into account changes in prices and wages.
The planned revision will be reflected in benefits from April, when the new fiscal year begins. The month's benefits are paid in June.
On Friday, the internal affairs ministry said the country's consumer prices rose 2.5 pct last year. Other data show that nominal wages grew 2.8 pct annually on average in the past three years.
[Copyright The Jiji Press, Ltd.]