Employee Benefits in Japan

 

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Abstract

 
The Japanese social security system is designed to assure a minimum standard of living to its citizens, as well as protection from social and economic risks. It consists of the following components: a public pension system, health services, and 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 the relatively underdeveloped social security fields. The promotion of equal opportunity and treatment for female workers, labor shortage and the declining trend of fertility rates were the primary motives behind the introduction of a family policy for working women. The employment of senior workers scheme is intended to encourage older workers participate in the labor market, making them pay tax and social insurance contributions. Public assistance covers less than 1% of the total population. 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.  

Description

The report provides in-depth industry analysis, information and insights of the employee benefits in Japan, including:
o Overview of the state and compulsory benefits in Japan
o Detailed information about the private benefits in Japan
o Insights on various central institutions responsible for the administration of the different branches of social security
o The regulatory framework and recent regulations relating to Japanese employee benefits

 

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Report Source Information

Supplied by: Research and Experts 
Date Published: 2014-10-01 

Report: Employee Benefits in Japan

 

Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Japan
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Typical employer practice
6.3.6 Employee and employer contributions
6.3.7 Taxation
6.4 Medical Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Typical employer practice
6.4.5 Employee and employer contributions
6.4.6 Taxation
6.5 Short-term Sickness and Maternity Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Typical employer practice
6.5.6 Employee and employer contributions
6.5.7 Taxation
6.6 Workmen's Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Typical employer practice
6.6.6 Employee and employer contributions
6.6.7 Taxation
6.7 Family Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.8 Unemployment
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.8.5 Employee and employer contributions
6.8.6 Taxation
6.9 Long-term Care Insurance
6.1 Seamen's Insurance
7 Private Benefits
7.1 Medical Benefits
7.2 Death in Service
7.3 Group Term Life Insurance Plan
7.4 Defined-Benefits Plan (DBP)
7.5 Defined-Contribution Pension Plan
7.6 Employees' Pension Fund (EPF)
7.7 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sector
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-JPY
8.1.8 Unemployment rate
8.1.9 Household consumption expenditure
8.1.10 Gross national disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer
 

List of Tables

Table 1: Definitions
Table 2: Japan - Country Statistics
Table 3: Japanese Workmen's Compensation Insurance - Contribution Rates
Table 4: Japanese Family Benefits - Contribution Rates
Table 5: Japanese Unemployment Benefits - Contribution Rates
Table 6: Japanese Private Benefits - Taxation of Contribution Amounts
 

List of Figures

Figure 1: Major Organizations of the Japanese Social Security System
Figure 2: Japanese GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: Japanese GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 4: Japanese GDP at Current Prices (US$ Billion) 2008-2012
Figure 5: Japanese GDP Per Capita at Current Prices (US$), 2008-2012
Figure 6: Japanese GDP by Key Sector (%), 2008-2011
Figure 7: Japanese Inflation Rate (%), 2008-2013
Figure 8: Japanese Annual Average Exchange Rate US$-JPY, 2008-2012
Figure 9: Japanese Unemployment Rate (%), 2008-2012
Figure 10: Japanese Household Consumption Expenditure (US$ Billion), 2008-2011
Figure 11: Japanese Gross National Disposable Income (US$ Billion), 2008-2011
Figure 12: Japanese Total Population (Million), 2008-2012
Figure 13: Japanese Size of Labor Force (Million), 2008-2012
Figure 14: Japanese Urban and Rural Populations (%), 2008-2012
 

Scope

This report provides a detailed analysis of employee benefits in Japan:
o It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
o It covers an exhaustive list of employee benefits, including retirement benefits , death in service benefits, long-term disability benefits, short-term sickness and maternity benefits, medical benefits, workmen's compensation, family benefits, unemployment, long-term care insurance, seamen's insurance and private benefits
o It highlights the economic and regulatory situations relating to employee benefits in Japan

 

Highlights

o The Japanese social security system is designed to assure a minimum standard of living to its citizens, as well as protection from social and economic risks
o It consists of the following components: a public pension system, health services, and personal social services for the elderly and the disabled, family policy to support working women, employment of senior workers, and public assistance
o 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
o Retirement and death-in-service benefits are the most prominent private schemes, with the most common private employee benefits being group pension policies and group life insurance policies

 

Classification

Language Code: EN 
Region: Japan 
Report Type: Industry Report 
Industry: Service Industries 
Sector: Insurance 
Pages: 61 

Reasons to buy this report

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

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Employee Benefits in Japan

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Regional Information

Taxonomy

Branch ID: 1441

Taxonomy Location

The taxonomy on the left shows the ancestors of the Japan node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

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Japan

Japan has the second largest developed economy in the world (and third overall), famous for its thriving automobile and electronics industries. Japan's main trading partners are China, US, South Korea and Australia. 

Japan suffered a record trade deficit of $27.4billion in January 2014, exacerbated by a weak yen. Fears are growing about the viability of the Japanese economy as higher sales taxes are expected to dampen consumer demand. If the economy doesn't achieve the desired inflation rate of 2% by mid 2014, policy makers are expected to implement the necessary monetary policies to achieve their aim. 

The Japanese government hopes to achieve moderate growth in 2014 however Japanese companies are concerned about declining exports to China and other export partners in developing economies. Japan has also had to increase it's imports of fossil fuels following the fukushima disaster in 2011 leading to increased energy costs for manufacturers.

The Japanese government is having a challenging time trying to reboost it's economy.

Researchandexperts.com is a leading source of market research on Japan.

Useful Links

IMF report on Japan

OECD on Japan

CIA World Factbook on Japan

Japan

Eastern Asia

Region

 

Asia

Continent

Asia

Country

Countries

 

Industry Sector Information

Taxonomy

Branch ID: 381

Taxonomy Location

The taxonomy on the left shows the ancestors of the Insurance node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Insurance

The insurance industry is facing many challenges in todays environment. Insurance companies need to adapt to the latest legislation and regulations which are slowing growth in many regions, manage high costs of doing business and identify new growth markets. 

Research and Experts provide companies with the information and analysis they need to grow their business. Our reports provide information on the industry on a global level and also at a regional and country level.

 

Industry Associations

Global Federation of Insurance Associations

American Insurance Association

British Insurance Brokers Association

 

Financial Services

Financial services are the services provided by the finance industry and include banking services, insurance services, real estate services and investment services. Since the recession began in 2008/09 banking services in many European countries and the US  have been a drag on the financial services sector due to non-performing loans. Financial services is set for a strong year in 2014 as the economy improves. The US is bullish about increasing loans, more mergers, acquisitions and IPO's and higher commodity prices which will all benefit this sector. 

Research and Experts provide a range of reports on the financial services sector with information on leading companies, best trading partners, best performing companies, market size etc.

Useful Links

The Fiancial Services Authority (UK)

The British Banking Association

The International Banking Federation

American Bankers Association

European Banking Federation

Financial Services

Service Industries

Our Service Industries reports cover the areas of Business Services, Financial Services, Tourism and Leisure, Consumer Services and the Public Sector. A strong services sector is an indicator of a well developed economy. Examples of economies with a strong services sector include US, UK, Luxembourg, Switzerland and Australia.

Researchandexperts.com is a reliable source of business intelligence reports from leading publishers on the service sector economy. Industries covered by us include IT services, banking, insurance, travel, media services etc. 

Companies in the services sector require competitive intelligence which will give them keen insights into market size, best trading partners, financial analysis and company rankings. A recent report by Plimsoll on the advertising industry reviewed 500 of the largest agents in this sector. ARENA BLM LIMITED was identified as being among the fastest growing companies while  UNIVERSAL MCCANN GMBH was selected as a best trading partner.    

Service Industries

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