Japan Press Weekly

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2019 June 12 - 18 TOP3 [POLITICS]

'Save \20 million for your old age' report surfaces as political focus

With the House of Councilors election approaching, the issue of insufficient pensions during retirement has surfaced as a political focus. The trigger of this dispute is the latest Financial Service Agency report encouraging each couple to "use money for investments to save at least 20 million yen in preparation for old age because pension benefits will not enough to live on".

Ogawa Nobuo, 76-year-old former roof tiler, recently had to stop working due to health problems. He now receives about 35,000 yen in pension benefits a month. He said, "The monthly payment for a lease of a power-operated wheelchair is 2,600 yen. I have to pay for the use of nursing-care services. I'm at a loss how to support myself to survive."

A change is occurring among the younger generations. Driven by the need to save 20 million yen to make up for the shortage of pensions, a popular demonstration called "We want our pensions back" is being called for on Twitter. Already, more than 16,000 people retweeted this event which will take place on June 16 in Tokyo.

Economist Yanbe Yukio told Akahata that the government should consider increasing the amount of basic pension benefits to levels that can cover the basic needs of elderly people.

Yanbe said, "The agency's report recommends investments in line with the government policy of 'transition from savings to investment'. However, most people are worried about their future and hesitate investing in stocks out of concern of market downturns."

He added, "The public pension system should be turned into one that ensures people's quality of life during retirement. It's not right for the government to suggest the general public do something on their own to raise money to supplement pension incomes."

Past related article:
> Koike grills PM Abe about gov’t report admitting to insufficient pension benefits [June 11, 2019]