国民年金 (Kokumin Nenkin)

Definition

The national pension system in Japan that provides financial support to individuals after they retire. It is a mandatory program for all Japanese citizens and residents.

Analogy

Think of the national pension system as a savings account that you contribute to throughout your working life, and when you reach retirement age, you can withdraw money from it to support yourself.

Related terms

厚生年金 (Kosei Nenkin): A separate pension system in Japan that covers employees of companies and public servants.

年金保険料 (Nenkin Hokenryo): The monthly premium or contribution amount that individuals pay into the national pension system.

年金給付 (Nenkin Kyufu): The payment or benefit received from the national pension system after retirement.