this is definitely worth a watch ! Thanks for your kindeness. Could you be more kind and share the excel sheet to calculate the Pension amount? That would be a cherry on top for us.
One more question: If a person leaves Japan and claims the Lumsum amount and then later after few years comes back to Japan to work, how the situation will be in that case? Could you please make a video for that case as well?
One correction: due to the Mutual india and japan agreement in 2016, Indians living in Japan does not have to live in Japan for 10 years to get Old age benefits. One can complete 10 years by joining similar pension scheme such as NPS in India. For example: one can work for 4 year in Japan and 6 year in India, in total 10 years. He can receive pension for japan for 4 year contribution.
@@lifeinjapan5149 Yes, I agree that there's something out there, effective 2016, that says anyone from India who contributes in Japan only needs to show 10 years total between India and Japan. We have the same with Japan and the United States, effective October 1, 2005.
Does the monthly salary we're discussing refer to the final year's salary before retirement, considering that salaries typically increase over time? please clarify it
Thanks Rahul..Please help us understand your question better…By time stamp you mean ? We have simulated the numbers based on April 2021 guidelines ….And number of years are the numbers of years one has contributed….Hope this gives you some better context
@@lifeinjapan5149 Hi, By timestamps I meant RUclips time stamps or chapters . If someone wants to know something specific in long videos, it helps . Thanks for sharing!
Thank you for the video, it’s very informative. Please cover the topic difference between defined contribution pension system and defined benefit pension system as well if possible..
Did i hear 800k yen salary every month?? I don’t think normal workers recieve that every month. Our salary is within 150k~300k depending on overtimes. That 300k is already high and too much work time for a month. So lets say 150k per month is our salary and paid for 10 years on nenkin how much will be our pension with that? Because if I understand correctly u said 800k per month and the pension per month is 40 something? Or 65? Then how much will be the normal? 1000 yen? Im confused if they give that small amount of pension then its not worth it paying 1000 yen cannot cover life cost lol.
@@lifeinjapan5149 tax? Why tax? I was watching about pension . Im just curious about how much will a 10 yr paid pension for normal salaries . Like 150k yen per month salary. How much do u think this amount of salary will be the monthly pension when we reach 65?
Hi sir, Thanks for your detailed explanation. I have a question. If the employee is not surviving at the age of his 65, say he expires in his 50's, what will happen to the contributed pension? Whether the spouse is eligible to receive pension in that case immediately after the employee's demise? How will the pension work in case of employee not surviving after contributing 15 or 20 years of pension in Japan? I am waiting for your response.
5 years lump sum payment for the pension gets calculated based on last 5 years or first 5 years? The last 5 years means the latest 5 years. Assuming total work more than 5 but less than 10 years
Very helpful video. I have a question, consider a person worked in Japan till the age of 50 then he left the country. Since he is eligible for pension after 65, is it possible to get the pension amount to his home country’s bank account ?
Yes Sajith, if one has completed 10 years of pension contributions by age 50, that person will be eligible to receive pension at his home country. This is as per the rule now as of May 2023.
Hello, Thank you for making helpful videos. I had a question about Lump-sum. After receiving the Lump-sum in my home country. Can we again apply for the work visa or a different spouse visa (married to a Japanese girl) in Japan and restart everything again?
Thank you for clarifying with details. But, how to claim the 20% later? As you explain there need a someone living Japan. Would you Please tell me for 20% claim? Thank you!
How to claim the 20% tax refund on your lump-sum pension withdrawal To claim your 20% tax refund on your lump-sum pension withdrawal, you must file a tax return within 5 years of receiving your payout. Additionally, because the Tax Office only accepts bank accounts in Japan for refunds, you will need to appoint a resident in Japan (your tax representative) with a Japanese bank account to receive your tax refund. Here are the steps for claiming your tax refund on your lump-sum pension withdrawal: Step1. Receive your lump-sum withdrawal payment and notification of withdrawal. You must keep the original copy of the notification of lump-sum withdrawal (脱退一時金支給決定通知書), as you will need it to claim your tax return. Step 2. Prepare documents to appoint a tax representative and fill out your tax return forms. To appoint your tax representative, fill out this form and other necessary tax return forms. Step 3. Send your tax representative form, tax returns, and the original copy of notification of withdrawal (脱退一時金支給決定通知書 ) to your tax representative. Your tax representative will need to submit all documents to the tax office that has jurisdiction over the address you were registered in before moving out of Japan. Step 4. Receive the money. After Japan Pension Service has processed your application, a tax refund notice (国税還付金振込通知書 = kokuzei kanpu kin furikomi tsūchi sho) will be delivered to the address of your tax representative. Shortly after, the money will be sent to your tax representative’s bank account, which can be forwarded to your bank account in your home country. If you have any other questions regarding how to withdraw a lump-sum pension payment, contact Japan’s Pension Service or visit your local social insurance office for more information.
Very helpful explanation. Have a question. Say i have lived in Japan for more than 10years and then i settled back in India. Can i move my pension amount in Japan to NPS schemes in India instead of waiting for 65years to avail old age benefit?
SIR, CAN I HAVE A CLARIFICATION IF A SPOUSE CAN RECEIVE ALSO A PENSION WHO DO NOT HAVE A WORK AND HE/SHE IS IN THEIR OWN COUNTRY. MY QUESTION IS, IS HE/SHE IS ELIGIBLE TO RECEIVE ALSO EVENTHOUGH HE/SHE IS STILL THE AGE OF 65 YEARS OLD BELOW?. THANK YOU VERY MUCH IF YOU ANSWER MY QUERY ABOUT THIS MATTER.
Can I know long does it take to get the lump sum amount? (Suppose someone leaves Japan on 1st Jan 2022, when can he expect to get the amount in his bank account?)
Good day, Do you have idea for survivors pension for foreign national?my husband died in Japan with engineering visa while we are residing in our country (outside Japan). I have 3year old kid. He is has monthly contribution for more than 4year before he died. Can we have the survivor pension?
For friends who asked excel for What would “my exact simulation” for Japan Pension ? Check it in 5 min using this app - Contribution till now - Future simulations Try checking for your spouse too… ruclips.net/video/8MJwwwdmflc/видео.html
this is definitely worth a watch ! Thanks for your kindeness. Could you be more kind and share the excel sheet to calculate the Pension amount? That would be a cherry on top for us.
Is the social pension the same as the employment pension?
thanks for the share😊😊😊😊😊
Thanks for stopping by
One more question: If a person leaves Japan and claims the Lumsum amount and then later after few years comes back to Japan to work, how the situation will be in that case? Could you please make a video for that case as well?
Best video, thanks!
Have to live until at least 78 to recoup what we had contributed. Not sure I can live that long =(
Thank you for stopping by and commenting. Yes the pension system is interesting…not only just japan but across the world
Good one. Thanks for this valuable information.
Thank you for stopping by..glad to letting us know that it added some value…
One correction: due to the Mutual india and japan agreement in 2016, Indians living in Japan does not have to live in Japan for 10 years to get Old age benefits. One can complete 10 years by joining similar pension scheme such as NPS in India.
For example: one can work for 4 year in Japan and 6 year in India, in total 10 years. He can receive pension for japan for 4 year contribution.
Point taken and we will confirm
@@lifeinjapan5149 Yes, I agree that there's something out there, effective 2016, that says anyone from India who contributes in Japan only needs to show 10 years total between India and Japan. We have the same with Japan and the United States, effective October 1, 2005.
Does the monthly salary we're discussing refer to the final year's salary before retirement, considering that salaries typically increase over time? please clarify it
Thank you for information!
Time stamps will be much appreciated!
Thanks Rahul..Please help us understand your question better…By time stamp you mean ? We have simulated the numbers based on April 2021 guidelines ….And number of years are the numbers of years one has contributed….Hope this gives you some better context
@@lifeinjapan5149 Hi,
By timestamps I meant RUclips time stamps or chapters . If someone wants to know something specific in long videos, it helps .
Thanks for sharing!
Got it Rahul, will add that..thanks for feedback
Thank you for the video, it’s very informative. Please cover the topic difference between defined contribution pension system and defined benefit pension system as well if possible..
Allow us to look into this. Thanks for stopping by Sairam
Very informative.. thank you!!
Thanks Shailaj for the kind words
Did i hear 800k yen salary every month?? I don’t think normal workers recieve that every month. Our salary is within 150k~300k depending on overtimes. That 300k is already high and too much work time for a month. So lets say 150k per month is our salary and paid for 10 years on nenkin how much will be our pension with that? Because if I understand correctly u said 800k per month and the pension per month is 40 something? Or 65? Then how much will be the normal? 1000 yen? Im confused if they give that small amount of pension then its not worth it paying 1000 yen cannot cover life cost lol.
Use this to calculate yours : www.taxback.com/en/japan/tax-refund-application/
@@lifeinjapan5149 tax? Why tax? I was watching about pension . Im just curious about how much will a 10 yr paid pension for normal salaries . Like 150k yen per month salary. How much do u think this amount of salary will be the monthly pension when we reach 65?
Good question 👍
Informative and well explained.
Thanks for stopping by
Nice presentation and discussion. Can you please have next vedio on different kind of loans which foreigners can avail, rules, interest rates etc?
Thank you Goyal..Allow is to bring some info in this regards….If we understood your question better, you mean home loans ?
@@lifeinjapan5149 I asked for personal loan/ home loan for foreigners in Japan, interest rates, t&c etc. Can we get loan for investment in abroad?
We have taken note of this ..hopefully we can do this in coming videos..start tuned…
Loan for investment in abroad can be tricky
This is a very informative video
Thank you so much
Thank you
Hi sir,
Thanks for your detailed explanation. I have a question.
If the employee is not surviving at the age of his 65, say he expires in his 50's, what will happen to the contributed pension?
Whether the spouse is eligible to receive pension in that case immediately after the employee's demise?
How will the pension work in case of employee not surviving after contributing 15 or 20 years of pension in Japan?
I am waiting for your response.
Thanks for stopping by…The wife will get widower pension….
5 years lump sum payment for the pension gets calculated based on last 5 years or first 5 years?
The last 5 years means the latest 5 years.
Assuming total work more than 5 but less than 10 years
There is a calculation for overall period
Very helpful video. I have a question, consider a person worked in Japan till the age of 50 then he left the country. Since he is eligible for pension after 65, is it possible to get the pension amount to his home country’s bank account ?
Yes Sajith, if one has completed 10 years of pension contributions by age 50, that person will be eligible to receive pension at his home country. This is as per the rule now as of May 2023.
Is it dangerous to move to Japan and start working with this system at 35 years old?
Thanks for stopping by…We think it’s about your current situation which can determine is this right for the age of 35 or not
Hello, Thank you for making helpful videos. I had a question about Lump-sum.
After receiving the Lump-sum in my home country. Can we again apply for the work visa or a different spouse visa (married to a Japanese girl) in Japan and restart everything again?
Yes, you can…In that case a new Pension account is created and you start contributing in Pension from zero…
Thank you for clarifying with details.
But, how to claim the 20% later?
As you explain there need a someone living Japan.
Would you Please tell me for 20% claim?
Thank you!
How to claim the 20% tax refund on your lump-sum pension withdrawal
To claim your 20% tax refund on your lump-sum pension withdrawal, you must file a tax return within 5 years of receiving your payout. Additionally, because the Tax Office only accepts bank accounts in Japan for refunds, you will need to appoint a resident in Japan (your tax representative) with a Japanese bank account to receive your tax refund.
Here are the steps for claiming your tax refund on your lump-sum pension withdrawal:
Step1. Receive your lump-sum withdrawal payment and notification of withdrawal.
You must keep the original copy of the notification of lump-sum withdrawal (脱退一時金支給決定通知書), as you will need it to claim your tax return.
Step 2. Prepare documents to appoint a tax representative and fill out your tax return forms.
To appoint your tax representative, fill out this form and other necessary tax return forms.
Step 3. Send your tax representative form, tax returns, and the original copy of notification of withdrawal (脱退一時金支給決定通知書 ) to your tax representative.
Your tax representative will need to submit all documents to the tax office that has jurisdiction over the address you were registered in before moving out of Japan.
Step 4. Receive the money.
After Japan Pension Service has processed your application, a tax refund notice (国税還付金振込通知書 = kokuzei kanpu kin furikomi tsūchi sho) will be delivered to the address of your tax representative. Shortly after, the money will be sent to your tax representative’s bank account, which can be forwarded to your bank account in your home country.
If you have any other questions regarding how to withdraw a lump-sum pension payment, contact Japan’s Pension Service or visit your local social insurance office for more information.
Very helpful explanation. Have a question. Say i have lived in Japan for more than 10years and then i settled back in India. Can i move my pension amount in Japan to NPS schemes in India instead of waiting for 65years to avail old age benefit?
In principle, you cannot withdraw Lumpsum post 10 years. Moving just means you are able to continue pension from India as 11th year…
SIR, CAN I HAVE A CLARIFICATION IF A SPOUSE CAN RECEIVE ALSO A PENSION WHO DO NOT HAVE A WORK AND HE/SHE IS IN THEIR OWN COUNTRY. MY QUESTION IS, IS HE/SHE IS ELIGIBLE TO RECEIVE ALSO EVENTHOUGH HE/SHE IS STILL THE AGE OF 65 YEARS OLD BELOW?. THANK YOU VERY MUCH IF YOU ANSWER MY QUERY ABOUT THIS MATTER.
You might want to check this in MyNa portal of Japan for her
Can I know long does it take to get the lump sum amount? (Suppose someone leaves Japan on 1st Jan 2022, when can he expect to get the amount in his bank account?)
Thanks Sumit for stopping by…It not Malloy takes Approx 6 months…Hope this gives you clarity…
Added chapters on the video for easy direct access to the part of your interest
Good day,
Do you have idea for survivors pension for foreign national?my husband died in Japan with engineering visa while we are residing in our country (outside Japan). I have 3year old kid. He is has monthly contribution for more than 4year before he died. Can we have the survivor pension?
I am told you should claim lump sum within 2 years…I think this need to be investigated with Pension office
For friends who asked excel for What would “my exact simulation” for Japan Pension ?
Check it in 5 min using this app
- Contribution till now
- Future simulations
Try checking for your spouse too…
ruclips.net/video/8MJwwwdmflc/видео.html
Very useful info. Thank you.
Thanks for stopping by…