Pension fund has been misappropriated for officials' entertainment

At a time when we are being forced to endure hardships, our pension premiums are used for entertaining senior officials. Misappropriation of pension funds for Social Insurance Agency cars and entertainment is now under attack.

Akahata of March 14 reported that between FY 1998 and FY 2002 the agency expended 2.5-million yen from pension funds for its chief's entertainment and social expenses, 112-million yen for employees' private foreign trips, and 415-million yen for official cars.

The National Pension Law prohibits diversion of pension funds other than for office expenses needed for premium collection and pension payments.

Despite a loss of 6-trillion yen by investing pension funds in the stock market, the government continues its wasteful funding for large development projects. The Koizumi Cabinet is also planning to cut pension payments by 15 percent and increase pension premiums by 35 percent. (end)