To get more seniors to work, panel eyes beginning pension payments after 70 years old

JIJI

A Cabinet Office panel of experts Monday compiled a report calling for the introduction of a system to push back the starting age for receiving public pensions to over 70 in order to encourage more elderly people to work.

After discussing the proposal with the welfare ministry and other agencies, the government plans to amend by year-end its basic policy on measures for dealing with the country’s aging population and adopt the revised policy at a Cabinet meeting.

While people at present start receiving public pensions when they turn 65 in principle, they can choose the starting age anytime between 60 and 70.

The value of benefits increases by about 40 percent for those who opt to receive pensions from the age of 70.

According to a government survey, as of 2016 about 14 percent of people aged 70 or over hoped to work.