Welfare Pension Insurance

The Public Welfare system in Japan is known as kousei nenkin/厚生年金. Those who pay into this system for no less than 25 and no more than 40 years will be entitled to pay out benefits (kiso nenkin/基礎年金) starting from when they are 65. Employees and employers go 50/50 on cost premiums. For those who cannot join the kousei nenkin/厚生年金 system, there is the alternative option of joining the National Pension system/国民年金, in which the payer would be responsible for their own enrollment as well as for the entire cost premium.

Some companies offer private pension schemes, and these are known as kigyou nenkin/.  However, since the details of these schemes will vary from company to company, it is not possible for further information to be recorded here. For those interested in this type of pension scheme, it is necessary for them to make an inquiry to their employer.

TIPS/NOTES

  • For the most updated and accurate information on this topic, click here and visit the Social Insurance Agency Website.
  • One can begin drawing benefits anytime before 60 years of age and after 25 years paying in, but there will be a reduction of the annual amount of pay out based on the number of years paid in less than 40. Similarly, it is possible to delay one’s receipt of benefits in lieu of higher annual pay outs. To pursue one of these options, one must inquire and apply at their local city office.
  • For non-Japanese nationals who have paid into the welfare pension insurance system, but cannot pay for the entire 25 years, they can receive a one-time lump sum payment (dattai ichijikin/脱退一時金) that amounts to a maximum of half of three years of pension payments.This payment must be applied for within two years of one’s exit from Japan and be filed from within Japan (by a local proxy, such as a trusted friend or relative).
  • Spouses who qualify as dependents (making less than 1.3 million yen per year), are also eligible for welfare pension benefits.

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