Japan social security costs seen reaching 190 trillion yen in FY 2040
Jiji -- May 22
Social security costs in Japan are estimated to reach up to 190 trillion yen in fiscal 2040, when the number of people aged 65 or over is projected to peak, the government said Monday.

The estimated amount is up about 60 pct from 121.3 trillion yen forecast for fiscal 2018, which ends in March next year. The growth chiefly reflects surges in pension payments, and medical and nursing care expenditures for elderly people.

The estimate was presented at Monday's meeting of the government's Council on Economic and Fiscal Policy.

To cover the ballooning social security costs, the government apparently sees the need to substantially raise the consumption tax rate and social security premiums. It will also be urged to build a sustainable social security system amid the country's falling population and rapidly aging society.

According to the estimate, pension benefits will total 73.2 trillion yen in fiscal 2040, up 30 pct from fiscal 2018.

News source: Jiji
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