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Govt to launch new social security panel

Jiji Press TOKYO (Jiji Press) — The government plans to set up a new council for discussing social security issues such as pensions, medical care and elderly nursing, as related costs are bound to surge in line with the rapid aging of society.

The new panel will be a centerpiece of a new Cabinet of Prime Minister Shinzo Abe, which is slated to be launched Wednesday, sources close to the matter said.

Abe is expected to announce the plan at a press conference following the planned Cabinet reshuffle, the sources said. The council, comprising related ministers and experts, is slated to be launched late this month at the earliest. Abe plans to nominate a Cabinet minister in charge of the council.

The government searches for ways to contain ballooning medical and care giving expenses. Social security costs are expected to skyrocket from fiscal 2022, when people in the Japanese baby boomer generation will be 75 or older, possibly reaching about ¥140 trillion in fiscal 2025, up from about ¥120 trillion in fiscal 2017.

Dangers of a hyperaging society have already started to materialize, with some corporate health insurance societies dissolving themselves due to financial deterioration reflecting heavy costs to cover medical expenses for elderly people.Speech

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