Japan: Selected Issues
International Monetary Fund, Aug 1, 2012 - Business & Economics - 56 pages
Japan has a universal public pension system. Social security spending is a key fiscal policy challenge in Japan. The 2004 pension reforms have increased the ratio of the government subsidy to the basic pension benefit. Three reform measures are necessary to improve pension finances: an increase in pension eligibility age, a reduction in the pension benefit, and an increase in contributions. Eliminating the preferential tax treatments of pension income and collecting pension contributions from dependent spouses could contribute to fiscal savings.
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advanced economies apan’s asset-based lending average Bank of Japan basic pension benefits Category 3 participants credit growth Credit Guarantees credit risk debt decade decline deﬂation deleveraging earnings-linked pension employees employment Female Labor Participation Figure financial institutions financial sector Financial System firms fiscal consolidation fiscal savings ﬂexible GDP growth GFIs GIMF global government subsidy household IMF Working Paper immigration impact increase intergenerational imbalances International Monetary Fund investment Japan Post Japanese labor force participation labor market labor supply long-term macro indexing OECD OECD Countries old-age poverty Overlapping Generations Model payroll tax pension contribution rate pension eligibility age Pension Reform percent of GDP percentage points policies population aging public pension system raise labor raising the pension reduce the government reﬂecting Reform Options replacement ratio retirees Risk-based Capital SME Financing SME restructuring Social Security Source structural reforms Sweden text chart text figure Tokyo Stock Exchange trillion