Pensioners will feel the financial pinch more in fiscal 2015 because the increase in pension benefits will likely be kept lower than the rise in general prices due to the introduction of a mechanism to push down the growth of pension payouts.

The government needs to take extra steps to support the livelihood of those pensioners who get less benefits than others in the first place due to various reasons.

The nation's dwindling birthrate coupled with its aging population is exerting great pressure on the public pension system. Since the average life expectancy is lengthening, the total amount of pension payments is on the rise.