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Pension delays to urge elderly to work By:
Unknown Author
To encourage work beyond retirement age, the Ministry of Health, Labor and Welfare plans to allow employed elderly people to postpone their pension benefits so they can receive more when they do retire. The plan, presented Wednesday to a ministry study panel, is seen as an incentive for people to continue working past age 60. Under the current system, workers between 60 and 64 have their pension payments cut by 20 percent. When their monthly salary and pension benefits combined exceed 220,000 yen, half the portion above that level is withheld. This system has discouraged elderly people from holding jobs as the population rapidly ages and the number of workers who can support the pensioners continues to drop. Furthermore, critics say employers often curb salaries for elderly workers because they are also receiving a pension income. Ministry officials say the proposed revision will provide elderly people with more choices to support themselves and help strengthen the financial base for the nation's pension system. The ministry intends to make the revision for those aged 60 to 64 during the next review of the pension system slated for fiscal 2004. The size and duration of the pensions will be based on the conditions of the pension system.
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