Japan Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2023 Update

The report provides in-depth industry analysis, information, and insights of the employee benefits in Japan, including an overview of the state and compulsory benefits in Japan, detailed information about the private benefits in Japan, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Japan.

The Japanese social security system is designed to assure a minimum standard of living for its citizens, as well as protection from social and economic risks. It consists of the following components: a public pension system, health services, personal social services for the elderly and the disabled, family policy to support working women, employment of senior workers, and public assistance. Japan follows a multi-tier pension system, which includes public and private pension schemes. The public pension and healthcare systems are comprehensive, covering all citizens of the country. The country’s healthcare system is characterized by a fee-for-service practice and the free choice of healthcare providers. However, personal social services and family policy are relatively underdeveloped social security fields. In Japan, defined-contribution (DC) and defined-benefit (DB) plans were introduced in 2001. Voluntary private pension plans can take a variety of forms in Japan.

Key Highlights

• The Ministry of Health, Labor, and Welfare (MHLW), Health Policy Bureau, Labor Standards Bureau, Employment Security Bureau, and Equal Employment, Children and Families Bureau are responsible for the functioning of the overall social security system
• A person’s national insurance contribution is determined based on their income
• An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to a credited contribution
• In Japan, employers provide voluntary retirement benefits to their employees through Employees’ Pension Funds (EPF), Defined benefit corporate pension schemes, Corporate type defined contribution plans, and Cash balance plans

Scope

This report provides a detailed analysis of employee benefits in Japan:

• It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
• It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, long-term care benefits, unemployment, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Japan

Reasons to Buy

• Make strategic decisions using in-depth information related to employee benefits in the country
• Assess employee benefits of the market, including state and compulsory benefits and private benefits
• Gain insights into the key employee benefit schemes offered by private employers in the country
• Gain insights into key organizations governing employee benefits market, and their impact on companies