Compliance October 13, 2011
Japan Ministry Proposes Raising Pension Age to 68
October 13, 2011 (PLANSPONSOR.com) - Japan's welfare ministry has proposed raising the minimum age for employee pension payouts to 68, extending a planned rise to 65 from 60, reports Reuters.
Reported by Tara Cantore
The government has already decided to raise the payout age in stages to 65 by the year ending in March 2026 for men and by the year to March 2031 for women.
A welfare ministry panel that met on Tuesday came up with three options for further reforms, including speeding up the rise in the minimum age, raising the minimum age further to 68, or both. The panel is due to hold further discussions towards the end of the year, according to Reuters.
A government panel on tax and welfare reforms made similar proposals on the pension payout age when it presented plans in June to double the sales tax rate to 10% by the middle of the decade.