Public pension reform
At age 65 Japan has the biggest life expectancy, but the efforts of Japan is to expand the pensionable age that has lagged behind. The population and employment ratio for the age group of 55-64 is specifically high for the males in Japan which is a necessary assumption for policymakers of Japan as they make the pension system sustainable in the aging population face. Due to less contribution levels, the average pension replacement rate of the average pension is not high in Japan. This does not essentially mean that the systems in Japan are sustainable or consistent. According to the Survey of Household of the Ministry of Health, Labour and Welfare, the public pension share of public pension benefits in the whole wages of elderly households was 68% in 2007, and about 60% of elderly households relied wholly on public pensions. The public pension and earnings benefits are 2 governing income sources for the elderly in Japan, and the corporate income or pensions share from assets has been lower relatively to date. In 2000 the new system was implemented which fixed the rate of contribution at 17.21% of earnings and has the following characteristics such as: a) actuarial advantage norms for the PAYG section which permits for a flexible age for retirement and b) a funded system for beneficiaries by using notional return rate.