This paper aims to examine the economic conditions of elderly individuals in Japan, focusing on issues and concerns related to their re-employment. Japan has experienced significant demographic shifts due to its status as an aging society. As of 2023, Japan's total population was 124 million, with approximately 60 million males and 64 million females. Of this population, 29.1 percent - around 36 million individuals - were over the age of 65. To analyze the economic situation of elderly workers in Japan, this research primarily relied on secondary data collected by the Japanese government. This data was crucial in gathering information from relevant sources, allowing the research to evaluate outcomes and make assumptions about trends. I examined Japan’s public pension systems as well as the savings of elderly individuals aged 65 and above and their perceptions of their living conditions. The findings suggest that approximately 9 million elderly workers over the age of 65 were employed, making up about 13% of Japan’s total working population. Among these elderly workers, 1.3 million were employed in the sales or retail industry, the largest sector, followed by 1.1 million in the medical or welfare industry, and 1.0 million in other service industries. In terms of savings, 80.7% of households with individuals aged 65 and above had savings, with an average of 16.0 million yen. While there were disparities in savings among the elderly, they were not as financially strained as some might perceive. Approximately 50% of these households reported feeling financially comfortable.

Authors:
Kenji Kaneko, Kyoto University of Advanced Science, Japan

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Posted by Clive Staples Lewis

Last updated: 2023-02-23 23:45:00

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