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Parties feud over controversial retirement report

  • June 12, 2019
  • English Press

Japan’s ruling coalition parties have confirmed that a report over necessary assets after retirement compiled by a Financial Services Agency panel is inappropriate.


The proposed guideline on asset building after retirement says an elderly couple will need about 20 million yen, or 190,000 dollars, to make up for revenue shortfalls if they have no other sources of income than pension benefits.


The secretaries general of the ruling Liberal Democratic and Komeito parties criticized the report at a meeting on Wednesday. They said it invited undue worry among the public about life after retirement.


They agreed to offer careful explanations to ease concerns.


On the same day, the Diet affairs chiefs of five opposition parties agreed at a meeting that it is inappropriate for Financial Services Minister Taro Aso to reject the report. Aso had said on the previous day that he will not accept it as an official report.


The opposition lawmakers agreed to call for intensive debate on the matter in budget committee meetings and a party leaders’ debate in the Diet.


Meanwhile, the ruling parties told the opposition camp at an Upper House budget committee meeting they have no intention of holding such deliberations.

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