Unveiling its manifesto for the upper-house election next month, the opposition Democratic Party of Japan proposed a 3% consumption tax increase in order to prop up the country's ailing pension system.
Speaking on what is expected to be one of the key issues in the forthcoming election, the party suggested that increasing the consumption tax to 8% would prevent the pension system from collapsing under the combined weight of a rapidly ageing population and declining birth rates.
Measures put in place by the ruling coalition to increase the percentage deducted from workers' wages, lower the level of post-retirement payouts as a percentage of average income, and increase the retirement age from 60 to 65 have unsurprisingly proved unpopular with the Japanese population.
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