Japanese Government to Help 1 Million People Gain Skills and Find Jobs | Philippines/Asia
The Japanese government will help about 1 million people, including non-regular workers, to develop skills and find new jobs as part of measures to invest more in human resources, according to a draft plan to achieve a new form of capitalism advocated by Prime Minister Fumio Kishida.
The draft also says the government will develop a plan to double asset incomes by the end of this year at the earliest, to help shift individual financial assets from savings to investment.
The project will be presented at a council meeting on Tuesday to realize Kishida’s new form of capitalism policy. The government aims to fine-tune the draft with the ruling parties and get it approved by Cabinet in early June.
The project defines policies to invest heavily in four areas: human resources, science and technology, startups, decarbonization and digitalization. It also points out that the government will boost household incomes through wage hikes and work to shift personal financial assets from savings to investments across generations.
According to the project, “there is a need to create a virtuous circle in which households enjoy the benefits of a sustainable increase in the value of enterprises” by shifting deposits or savings towards investment by promoting the reform of the credit system. Nippon Individual Savings Account Small Lot Investment, known as NISA, among other methods.
A new student financial aid system will also be introduced, according to the plan. Under the envisioned system, the government will cover tuition fees at universities and other institutions, and students will repay loans when their annual earnings after graduation reach a certain threshold.
To promote labor mobility in growth areas, the government will provide workers with re-learning opportunities and help them find new jobs on the basis of a set of measures worth 400 billion yen over three years.