Japan to Boost Pension Enrollment for Foreign Workers
With more foreign residents living in Japan than ever before, the government is keen to make sure all of them are making pension contributions.
That's according to reports in the Japanese media.
Everyone aged between 20 and 59 with an address in the country is supposed to enroll in the pension system, wherever they're from.
Some companies do this for their employees, while other workers have to register themselves.
However, for various reasons, not all foreign workers are registered, and the Japanese government wants to change this.
Starting later this year, it plans to improve the way it collects data when new arrivals enter the country.
Any foreign residents who aren't registered will receive a letter from the Ministry of Health, Labor and Welfare. Those who don't register after getting the letter will be enrolled by the ministry.
There are more than 3 million people from abroad living in Japan.
The idea is to make sure that everyone is contributing to the pension system and is able to receive social security. People usually receive pension payments from the age of 65, although they can start as early as 60.
This year, national pension payments are 16,980 yen — about $108 — per month.
Earlier this year, it was also reported that Japan's government pension fund is exploring new areas to invest in — perhaps a measure intended to account for the country's aging population.
In March, CNBC reported that the fund was looking for information about investments in a number of areas, including forests, farmland, gold and bitcoin.
The huge fund already invests in stocks at home and abroad, as well as in property.
Pension funds invest money from pension contributions to ensure that the "pension pot" — the amount of money available to be given in social security — remains healthy.
Almost one-third of Japan's population is over the age of 65. That's about 36 million people.
