Japan Not to Use Kosei Nenkin Funds for Basic Pensions
Tokyo, April 16 (Jiji Press)--Japan's welfare ministry plans to give up a plan to increase benefits under the country's basic public pension program by utilizing reserve funds of the "kosei nenkin" pension program for corporate employees, it was learned Wednesday.
Hiking "kokumin nenkin" benefits, which provide universal coverage, was a key part of the government's pension system reform legislation.
The decision came amid concerns that the use of kosei nenkin reserves would result in additional burdens on the public.
The ministry will present a revision of the legislation to a joint meeting of policy divisions in the ruling Liberal Democratic Party on Thursday. If the revision gets the ruling bloc's approval, the government will seek to submit the bill to the Diet, or Japan's parliament, by the end of this month.
By increasing the basic pension benefits, Japan hopes to improve the level of pension benefits for future generations, who are expected to receive less due to the aging of society.
(2025/04/16-22:01)
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