A Balance Sheet Approach to Reforming Social Security Pensions in Japan: Is NDC the Answer?
Japan has already had the oldest population in the world. Since 2001, current account of the principal pension program has turned into a deficit. Balance sheet of all the pension programs shows huge excess liabilities, equivalent to 1.2 times the year 2000 GDP of Japan. The generous pension program has to be reformed to be much more incentive-compatible. The Swedish-type NDC will very much help Japan to overcome such a problem of incentive-compatibility. Japan faces an additional specific challenge of handling huge excess liabilities entitled by past pension contributions. Several different proposals have already been made. Government reform plan on pensions will be fixed by the end of December 2003.
|Date of creation:||Oct 2003|
|Date of revision:|
|Note:||Preliminary, to be revised, a paper presented at World Bank & RFV Conference on NDC Pension Schemes, Sandhamn, Sweden, 29-30 September, 2003|
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