The Japan Times is reporting that Minister Nagatsuma, a/k/a “Mister Pension” has requested a serious amount of money to get the Japanese public pension system in order.
Under the old regime, the fixers wanted 10 years to get the problem straight, while they shuffled responsibilities over to a quasi-public “Japan Pension Agency”.
The new Minshuto regime is scrapping the pension agency and keeping everything right where it is. Except they are beefing up the staffing to get the problem corrected fast.
Although the focus will be on matching the 50 million unidentified records (at $40 a head), they are also going to cross check 850 million other paper records against what is in the computer. That would be part of the $2 billion, but it’s not clear what part.
Arguably, once the new regime has done this, they have the foundation to modify the system and adopt new rules about participation and collection. Once the staffing is in place and collecting various information, they only need to merge that unit into the National Tax Agency, ne?
So get ready to have people start asking where your pension payments are, those of you in the gaikokujin community who are KY on this.
(KY is not kanji yomenai, by the way.)