How to support to the world's oldest population in retirement
Japan’s Financial Services Agency , the financial-industry regulator, lobbed a grenade into a fractious debate on how to support the world’s oldest population in retirement. The typical elderly couple, it warned, will need to top up their public pensions by a whopping ¥20m . The furore that followed put Taro Aso, the finance minister, on the back foot. Japan’s pension system “will never collapse”, he insisted.
All 20- to 59-year-olds in work must pay a flat premium of ¥16,410 into the national pension fund every month. Those who do so for 40 years get a full pension, currently ¥780,100 a year. Corporate and government workers also make payments into supplementary schemes. But the system is imbalanced, with shrinking numbers paying in and growing numbers drawing out. Japan already has more than 35m people aged over 65—28% of the population. The share is projected to reach a third by 2050.
’s director, given that the net assets of elderly households have been almost flat for 20 years. “This implies that wealth formation is failing to keep pace with increased longevity.”
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