Sacrifice pensions, Japan’s retired are urged | World

Japanese bureaucrats say that information technology, artificial intelligence and robots will allow people to work much longerReuters

Schemes are afoot to stop paying out old age pensions as a way of dealing with Japan’s demographic crisis.

A quarter of Japanese people are over 65; by 2060 the proportion is expected to rise to 40 per cent.

Now a politician has proposed a solution: invite well-off people to give up their pensions in order to fund nurseries to allow working mothers to return to work.

Shinjiro Koizumi, a rising star in the ruling Liberal Democratic Party — the son of a former prime minister, Junichiro Koizumi, and tipped as a future prime minister — has asked top businessmen to renounce their pensions to create a “child insurance fund”.

At a meeting of the Japan Business Federation, or Keidanren, the Japanese equivalent of the…

Want to read more?

Register with a few details to continue reading this article.

Already a subscriber? Login

Leave a Reply

Your email address will not be published.

2 × one =