Pension update to Wiki

[rogueebear]

@lifeabundant To my understanding, whilst bob’s wife is category 3 she will only get national pension contributions for each month as a category 3

 

[missd33]

@rogueebear Hey, I have a very basic question. I know that we can claim old-age pension (from 65 yrs old till die) as long as we contribute for more than 10 yrs, even tho we reside overseas. Does this “overseas” mean anywhere in the world? Or does this apply ONLY for countries that have social security agreement with Japan? Thank you!

 

[rogueebear]

@missd33 As far as I’m aware it will be anywhere in the world. I think even North Korea.

My main worry (which is just me hopefully being paranoid I.e I hope I am very wrong here) Japan go full on nationalist assholes and decide “pension for Japanese citizens only!”. Despite said foreigners paying in to it for the required 10 years or more.

Again hope I am wrong and it’s just me being paranoid. But with the way they treated foreign tax paying residents April 2020 with closed borders, and aging populations, I guess anything is possible… right?

And I mean it’s not like foreigners get a vote/say in it. So the voters (Japanese citizens) still get theirs so they are happy.

“But that would would mean my country can deny Japanese citizens who paid into my country’s pension system their pension then” - I hear you say…

Well yea, I mean they could. But I don’t think many countries would want to break relationships over a few expat/immigrants who lived and worked in Japan thus paid pension for 10+ years.

 

[fannypack]

@rogueebear A note:

Note: This document uses a “.” For the figure but for the calculation you need to use “,” i.e 1.000 = 1,000

Could somebody spell out what they mean here? Is "1,000" = 1? or is it 1000?

 

[rogueebear]

@fannypack From my understanding and findings of the math, it’s 1000. So if you’re born on or after April 2nd 1946 then your multiplier is 1000 (one thousand).

Then for EPI months contributed March 2003 or earlier the calculation is 7.125 divided by multiplier (which is 1000) so:

ASR x (7.125/1000) x (Number if your EPI months March 2003 and earlier)

And for EPI months contributed April 2003 and later the calculation is 5.481 divided by multiplier (which is 1000). So:

ASR x (5.481/1000) x (Number of your EPI months April 2003 and later)

So say your ASR is ¥500,000 and you contributed 480 months total (40 years). 240 months were on/before March 2003 you’d do:

¥500,000 x (7.125/1000) x 240 months

= ¥855,000

The other 240 months were on/after April 2003 you’d do:

¥500,000 x (5.481/1000) x 240 months

= ¥657,720

Then ¥855,000 + ¥657,720 = ¥1,512,720

So for someone born on/after April 2nd 1946, with an ASR of ¥500,000 and with 480 months contributed to EPI (240 months of which were on/before March 2003 and 240 of which were on/after April 2003) would be ¥1,512,720

Then EPI premiums include national pension so that also means they contributed 480 months to national pension too. So you can also add 480 months national pension into that which is ¥780,900.

So ¥1,512,720 + ¥780,900 = ¥2,293,620 per year.