Healthcare system

Health is the big issue among us these days. If you have an access to a high standard health care, you would expect longer life. Average life expectancy in the OECD country is 80 years. In such a country, many works require less physical capability and more intellectual ability. So, the age affects jobs. Usually, people serves for one company through their life in Japan. Lifetime employment is common among big companies which rarely lay off employees. The system rely on companies’ economic growth. However, these days, big companies such as Toshiba and Fujitsu, laid off a huge number of employee. Most of the workers leaving jobs, are too old to get a new casual job. So they may as well, live on welfare which is covered by tax. Otherwise, they have to survive on the road. We have a high standard of life expectancy among the other OECD country. Not only because of our diet, but the health-care system. 5% of your salary goes to the public health insurance, it covers 70% of your medical bills. Let’s call this “worker insurance”. If you are not employed, you are suggested to register on national health insurance which is basically same as worker insurance. When you get older, you need more and more medicare. This year, nearly 30% of our population is 65 or over. Population is lightly declining in Japan. According to the CNN, the rate may soar up to 40% in 2065. And the 124 million population would drop to 88 million. If people retire their job at 65, all of the sudden, country’s 40% of people may have to rely on pension. According to the Japan times, the cabinet of minister approved the bill to urge businesses to let employees work until age 70 as the country seeks to expand the working population to cover rising social security costs amid the rapid graying of society. The problem is decreasing population as well. The ministry of health, Labour and Welfare published a report says Japan recorded the lowest birth rate last year. The pension system will not break apart abruptly, but it will. Especially, the people in mid 40s might not get a same amount of pension that 70s receive now. Gradually, poverty is squeezing the country’s neck. There are many elements such as homelessness, working poor and non-regular employment. What do you think about the age limit? When should it be? This idea of extending the age limit create opportunities to workers who are willing to work until 70. But, actually, you can work after the retirement without the age limit. Although the limit is suggestion, you would feel so much pressure from your work. If you have no savings and need a money to live at that age, that is company’s issue. They should’ve given more. Last year, a report caused controversy. It says, “if you want to live until 95 with your partner, you need 20 million yen in saving apart from pension.” The number was estimated by Financial Services Agency’s council. That was the miscalculation, and simply was exaggerated. However, if you thought you can live on pension. That is wrong. Pension is just an insurance for people who didn’t have enough funds to live. If you have plans after the retirement, you have to earn money by yourself. Unless you never get tired if you work as hard as your prime age. If you work voluntarily more than 10 hours a week, you should consult with your supervisor. Sustainability in your work reduce so much stress. It is advised to hire a financial consultant to keep eye on your spending. I recommend at least 20% of your income should be saved. Think further than your imagination.