Japan mulls expansion of pension coverage to include more part-time workers

Nov 28, 2019 | News On Japan

Nov 28, 2019 (Japan Times) - The government is considering incorporating more part-timers into the employee pension program by requiring companies with smaller workforces to participate, according to government sources.

Currently, companies with 501 or more employees must enroll in the kÅsei nenkin program. Under the plan being considered, that threshold would be lowered to 101 employees in October 2022 and 51 in October 2024, the sources said Tuesday.

The move comes as the government aims to increase pensions people receive amid concerns among workers about whether they will have sufficient financial resources to live on after they retire.

In June, the government caused controversy over the viability of the pension system when it released a report that a couple who will live to be 95 years old would need at least an estimated Â¥20 million ($184,000) in financial assets.

Although the government later retracted the Financial Services Agency report that caused the stir, it still caused public anger, anxiety and despair over the health of the pension system.

If realized, the two-step expansion in the employee pension program will bring 650,000 workers into the system.

With both the employer and the employee contributing equal amounts into the pension system, the amount to be paid by firms in total is expected to increase by Â¥159 billion as a result of the expansion.

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