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Japan FY 2018 Social Security Benefits Hit Record 121 T. Yen

Japan FY 2018 Social Security Benefits Hit Record 121 T. Yen

   Tokyo, Oct. 16 (Jiji Press)--Social security benefits in Japan in fiscal 2018 grew 1.1 pct from the previous year to a record 121,540.8 billion yen, due to the rapid aging of the country's population, a welfare ministry-affiliated think tank said Friday.
   The figure was up by 1,339.1 billion yen from the level in fiscal 2017. Benefits per capita also hit a record high, of 961,200 yen, in fiscal 2018, which ended in March 2019, the National Institute of Population and Social Security Research said.
   Social security benefits are the total amount of money used for pension payments, medical treatment and other social welfare purposes from funds collected as tax revenue and social security insurance premiums. Self-pay portions are not included in the data. The benefits have been on the rise since statistics began in 1950.
   By category, benefits related to welfare and other purposes including child-rearing and nursing care rose 2.3 pct to 26,538.2 billion yen. Of the figure, benefits for nursing care increased 2.8 pct to 10,387.2 billion yen, reflecting the aging of society.
   Benefits for medical treatment inched up 0.8 pct to 39,744.5 billion yen, with growth in spending associated with advanced therapies and the aging of society outpacing cuts in medical fees. Pensions totaled 55,258.1 billion yen, up 0.8 pct.

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