"Increase in Social Security Expenses, Pressure on National Finances"
As Japan, the world's leading "super-aged society," continues to experience population aging, forecasts indicate that per capita nursing care and medical expenses will increase significantly in the future.
According to Kyodo News, the Japanese Cabinet Office announced at the Economic and Fiscal Advisory Council meeting held on the 6th that the average per capita nursing care cost in 2050 is expected to reach 235,000 yen (approximately 2.04 million KRW). This represents a 75% increase compared to 2019.
The average per capita medical expenses in 2050 are also projected to rise by 22% from 2019, reaching 401,000 yen (about 3.48 million KRW).
The Cabinet Office further estimated that by 2040, nursing care and medical expenses will respectively reach 219,000 yen (approximately 1.9 million KRW) and 382,000 yen (about 3.31 million KRW).
Meanwhile, in Japan, 3 out of every 10 people are elderly. This year, the proportion of elderly people relative to the total population reached an all-time high since statistics began. According to population statistics released by the Ministry of Internal Affairs and Communications, the proportion of people aged 80 and over exceeded 10% for the first time, and the percentage of those aged 65 and older was recorded at a historic high of 29.1%.
This aging trend is expected to continue. The National Institute of Population and Social Security Research projects that in 2040, when the second baby boom generation born between 1971 and 1974 turns 65 or older, the elderly population will reach 39.28 million, accounting for 34.8% of the total population.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
