Japan ministry proposes raising pension age to 68 -media

The government has already decided to raise the payout age in stages to 65 by the year ending in March 2026 for men and by the year to March 2031 for women.A welfare ministry panel that met on Tuesday came up with three options for further reforms, including speeding up the rise in the minimum age, raising the minimum age further to 68, or both.Those changes are likely to face formidable opposition from industry groups and labour unions, however, who say the government must first ensure that the elderly could secure jobs, especially since many companies retain 60 as their mandatory retirement age.A welfare ministry panel is due to hold further discussions towards the end of the year.A government panel on tax and welfare reforms made similar proposals on the pension payout age when it presented plans in June to double the sales tax rate to 10 percent by the middle of the decade.Finance Minister Jun Azumi told the country’s largest business lobby Keidanren on Wednesday that the government was certain to submit legislation on the sales tax hike to parliament next year, media reported.

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