Japan to Raise Public Pension Benefits by 1.9 Pct in FY 2025

Tokyo, Jan. 24 (Jiji Press)--The Japanese government will raise public pension benefits by 1.9 pct in fiscal 2025, which begins in April, from the previous year, the third straight year of increase, the welfare ministry said Friday.

The increase will fall short of the rate of inflation as the government curbs payments in an effort to stabilize pension finances for the third consecutive year.

Public pension benefits are revised every fiscal year, based on changes in prices for the past year and in wages for the past three years.

Based on consumer price data released by the government on Friday, the welfare ministry said prices rose 2.7 pct last year and that wages increased 2.3 pct on average over the past three years.

For those who have paid premiums for 40 years, monthly benefit payments in fiscal 2025 will be raised by 1,308 yen to 69,308 yen per person under the "kokumin nenkin" pension program for self-employed and other people. For a standard household of a couple under the "kosei nenkin" program for corporate employees, monthly benefits will be up 4,412 yen at 232,784 yen.

[Copyright The Jiji Press, Ltd.]