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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Japanese pensions costing 10% of GDP AFP - 1 hour 54 minutes ago Send IM Story Print TOKYO (AFP) - – Payouts from Japan's public pension programmes reached a record $612 billion in the year to March 2010, costing more than 10 percent of nominal GDP, government figures show. The data, released Monday, came as Prime Minister Naoto Kan makes social security reform his priority amid battles with a political opposition intent on stopping ruling party policies in order to push Kan to call a general election. The data meant each pension recipient was supported by 1.8 people in the workforce, pressuring public and household finances, the Nikkei business daily said Tuesday. The ratio between the pension cost and nominal gross domestic product compared with about six percent for the United States and an average 7.2 percent for countries in the Organisation for Economic Cooperation and Development (OECD) in 2005, the Nikkei said. However, a simple comparison is difficult given disparities in government pension benefits between countries. But Japan's ballooning welfare costs, exacerbated by a shrinking workforce and falling tax income, is squeezing an economy whose debts stands at around 200 percent of GDP, the highest in the industrialised world. For fiscal 2009, the number of pension recipients rose 3.1 percent, or by 1.1 million people to 37 million, the welfare ministry said. But the number of contributors shrank 0.9 percent, or 620,000, to 68.74 million, the data showed. Amid pressure from opposition lawmakers that is expected to intensify during the 150-day parliament session that opened Monday, Finance Minister Yoshihiko Noda warned blocking current budget proposals would only hurt the public. The Kan government has drafted a record 1.1-trillion-dollar budget proposal for the fiscal year to start from April. Blocking the proposal "would gravely affect the lives of Japanese citizens and the economy," Noda told reporters Tuesday. Japan's pension payouts in fiscal 2009 hit a record high of 50.55 trillion yen ($612 billion), up 2.8 percent from the previous year, according to the Ministry of Health, Labour and Welfare. In the past decade, the amount of payouts jumped more than 30 percent, the Nikkei said. Outlays are estimated to climb to 59 trillion yen in the year to March 2016 and reach 65 trillion yen in the year to March 2026, the Nikkei said. Economists have strongly called for non-partisan efforts to rebuild the pension scheme with sustainable funding sources so that changes of governments wouldn't seriously affect the system. In a parliamentary address Monday, Kan said the government will reveal its basic policies on reforming the social security and tax systems, including the consumption tax, by June. Recommend Send IM Story Print Related Articles HIGHLIGHTS-India cbank lifts policy rates as expected Reuters - 37 minutes ago Macau's Ho accuses family of stealing empire Reuters - 39 minutes ago Bank of Japan raises growth view, holds rates AFP - 39 minutes ago FACTBOX-China major power firms' operational results in 2010 Reuters - 42 minutes ago Fletcher bid for Australia's Crane not fair: independent expert Reuters - 44 minutes ago News Search Top Stories Federer into eighth Australian Open semi Amnesty slams Shell over oil spills in Nigeria Facebook agrees German privacy-protection deal World jobless rate stuck at record high: ILO Oprah meets sister she never knew she had More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Bank of America posts heavy losses 'Inconclusive' Iran nuclear talks enter final day US expert panel gives nod to Alzheimer's scan Migraines don't damage brain: study More than 40 injured in Algeria clashes More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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