By Tatsuya Nakamura — Tokyo, JapanAAP, AFP/Getty ImagesThe government says it wants to reform Japan’s pension system by 2019.
It’s the first time Japan has set a goal for pension reform since Japan’s first national pension plan was launched in the early 1980s.
The government is looking for a way to cut the public pension’s current level by 1% annually to reduce the country’s public debt, as well as to raise money for the countrys annual budget.
The plan has already drawn criticism from politicians, who say the government is trying to do too little to reform the system.
The plan, which comes into effect on March 1, is expected to increase Japan’s public pension costs by a further 4% annually.
The current plan has a maximum annual cost of 9.3 trillion yen ($112.3 billion).
The plan calls for a total reduction in the public’s contribution to the country s annual budget of 7% per year for the next five years.
The new plan is expected in 2019.
But some lawmakers say the budget should be adjusted to reflect the country’ economic downturn and that the government should also seek to lower the amount of revenue it collects.
The National Diet on Wednesday approved a proposal to raise the public contribution to 7% from 7.5% a year from 2020, and increase the contribution to 12% from the current level of 11%.
The proposal will be submitted to parliament on Friday.