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The Japanese National Pension (Kokumin Nenkin (国民年金)) is a pension system that all registered residents of Japan, both Japanese and foreign, are required to enroll in. Since January 1, 2010, it has been managed by the Japan Pension Service .
The National Pension system, which is administered by the Japan Pension Service, is the state pension program, and all registered residents aged 20 to 59, both Japanese citizens and legal foreign residents, are obliged to contribute to it. Contributions are deducted from employee paychecks, while the self-employed pay a set amount.
Beginning in the 1920s, the Japanese government enacted a series of welfare programs, based mainly on European models, to provide medical care and financial support. During the post-war period, a comprehensive system of social security was gradually established. [1] [2] Universal health insurance and a pension system were established in 1960. [3]
So this Japanese system of elderly dependence on both national pension and corporate pension has led to an increase in relative poverty as some of them do not have access to corporate pensions. Lastly, Japan is facing an aging population. Between 1975 and 1980, the fertility rate in Japan was 1.83 children per woman (OECD average − 2.26).
Iranian Social Security Civil Servants Pension Fund; Japan – National Pension; Malaysia: Employees Provident Fund – Private voluntary retirement contribution system; Retirement Fund – Public pensions; Armed Forces Fund Board – Military pensions; Mexico – Mexico Pension Plan; Netherlands – Algemene Ouderdomswet; New Zealand:
The Government Pension Investment Fund (GPIF) states that it has been established on the following investment principles: The overarching goal should be achieve the investment returns required for the public pension system with minimal risks, solely for the benefit of pension recipients from a long-term perspective, thereby contributing to the stability of the system.
The Social Insurance Agency computerized their records in 1979 [3] and in 1997 the SIA attempted to integrate three different databases together. [4] Numerous problems resulted from this and in May 2007 it was exposed by the then-opposition party, the Democratic Party of Japan that 50 million pre-1997 premium payers could not be matched to any citizen enrolled in the system. [5]
Non-pension products: Individual Savings Account (ISA), the original account in the UK that NISA is modeled after. Tax-free savings account (TFSA) (Canada) Livret A (France) Pensions: Superannuation in Australia; Individual retirement account (IRA); the Roth IRA type is similar except for having extra restrictions (United States)