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Japan plans ¥3 trillion additional budget to prepare farmers for TPP, help struggling pensioners, families

JIJI

The government will compile a supplementary budget of just over ¥3 trillion for the rest of fiscal 2015, sources said Wednesday.

The extra budget is intended to fund measures to help farmers cope with the Trans-Pacific Partnership free trade pact and to fund programs to create a society in which all citizens can play an active role, an initiative proposed by Prime Minister Shinzo Abe.

Specifically, the budget will focus on measures to boost the earnings potential of livestock farmers and expand the exports of agricultural products, the sources said. The measures will be community-wide in reach.

As for measures related to the dynamic society initiative, the government will provide benefits to low-income pensioners and beef up the existing program to assist rent payments by child-rearing families living near their parents, the sources said.

In addition, budget allocations will be made for relief work and disaster prevention measures in areas struck by flooding in eastern Japan.

The money will come from surplus state funds such as profit carried over from fiscal 2014 and excess tax revenues collected in fiscal 2015, the sources said.

The government hopes to adopt a supplementary budget plan at a Cabinet meeting in mid-December and introduce it to the ordinary Diet session starting in January, the sources said.

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  • thedudeabidez

    “The money will come from surplus state funds such as profit carried over from fiscal 2014 and excess tax revenues collected in fiscal 2015, the sources said.”

    Including consumption tax revenue?
    Just yeaterday Taro Aso was quoted as saying the govt. could not exempt more than ¥400 billion by keeping the lower consumption tax rate on food, which is the most onerous to low-income families. The state’s Finances were so bad that to exceed this some with me cutting welfare benefits.