An interesting international comparison of pension system. It is based on adequacy, sustainability and integrity. Surprisingly, ours is the 2nd lowest next to Argentina.
Melbourne Mercer Global Pension Index.
It is remarkable the sustainability is evaluated particularly low in our system. I know of the prospect of sustainabity so low due to decreasing birthrate and increasing aged population. Owing to the astronomical amount of the debt of the government, they could not support the aged population in the near future. I fully knew of this fact. But it is striking to me when it is compared with the other countries.
Our government is eager preparing military equipments and holding such as Olympic games. Our pension is slowly and steadily being reduced on the other hand. From now on, workers of irregular employment or of part time employment will retire so soon. Their pension won't cover the expense for the daily life and would require some social welfare. However much they need it, the government would not serve them or, exactly, could not do that.
The aged should lessen the economical burden the younger generation bearing the pension system. Our government is reducing the pension payment, which seems inevitable and reasonable. But they are increasing pension premiums. This change has been done without clear explanation to the people. Increasing pension prmiums may destroy the pension system. I believe increase of the corporate tax to the corporations which have accumulated so much retained earnings for the past 20 years.
Or, I am afraid, our country would be destroyed within the society itself.