If you live in Japan and your age is between 20 to 59, you must be covered by the National Pension system.
It means that you must pay monthly contributions.
The contribution amount for the National Pension is ¥16,540 per month from April 2020 to March 2021.
Given $1 is ￥100, monthly contribution is equivalent with $165.4.
The important outlines for employees are follow.
- In case that you are employee in a company, you have not only national pension, but also employees’pension.
- Instead of ￥16,540 per month, employee will pay The Employee’s pension premium by withdrawing your paycheck. The premium depends on the amount of your salary and is shared equally by you and your employer
- If you are non-Japanese, you may file a claim for the Lump-sum Withdrawal Payments within two years after you leave Japan.
As far as I know, some young people in Japan and foreigners live in Japan have a tendency not to prefer the pension. That is, they try to avoid paying premium.
But, remember that the public pension systems pay not only the old-age pension, but also the disability pension or the survivors’ pension when you have unexpected financial difficulties.
I hope you to get along with Japanese pension during stay in Japan.
If you want to get more imformation regarding Japanese national pension system, please click the below.
It’s written in English by the Japan Pension Service.
As of Apr 2020, This website are not fulfilled with many imformative financial tips, but I will write many articls in English from now on.
Please visit here sometimes!