Japan's Job "Ice Age" Generation at Risk of Old-Age Poverty
Tokyo, May 6 (Jiji Press)--Japan's so-called employment ice age generation, now in their 40s to 50s, faces an increasing risk of suffering poverty in old age even if they fully receive basic pension benefits.
Due to low wages they tend to earn during their working years and protracted pension adjustments reflecting the country's demographic changes, many in the generation may end up relying on welfare benefits. Experts call for shoring up pension benefit levels and providing housing support for the generation.
The ice age generation refers to about 17 million people who entered the job market from around 1993 to 2004, when it was very difficult to find jobs after Japan's huge asset bubble collapsed in the early 1990s to start a long-term stagnation.
The generation has many low-paid nonregular workers. Many in the generation have short histories of participation in the "kosei nenkin" pension system for corporate and government employees, which pays extra benefits that add to benefits under the "kokumin nenkin" basic pension program with universal coverage.
To many in the generation, the basic pension will be the key source of income after retirement.
(2025/05/06-21:07)
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