A panel of the ruling Liberal Democratic Party gave the go-ahead Tuesday to a government bill designed to drastically reform Japan's corporate pension system with an eye to protecting employees' rights to receive pension benefits.
The government wants to submit the new defined-benefit pension bill to the ongoing session of the Diet and have it go into effect on April 1, 2002.
The bill is designed to create hybrid pension programs that combine features of both defined-benefit and defined-contribution plans.