With the emergence of the "era of 100-year life spans," it is important to continually review the operation of the pension system, to alleviate people's fears in old age.
The welfare ministry said it will cut public pension benefits for fiscal 2022 by 0.4% from this fiscal year, a reduction for the second consecutive year.
The amount of pension benefits is revised each year according to the movement of commodity prices and wages among the working-age population. This time, the rate of change in wages was a 0.4% decline, larger than the 0.2% fall in prices, so the amount of pension benefits was reduced by 0.4% in line with wages.
