A combination of fewer people in the workforce and high levels of indebtedness leads to a very adverse economic environment, [Ajay] Kapur warned.
The aging population means that a serious reform of the social security and tax systems will be needed in Japan, said Chief Cabinet Secretary Osamu Fujimura at a press conference held Monday, according to a Feb. 1 report by the Daily Yomiuri Online.
In 1960 one retiree was supported by 11.2 workers. In 2010, one retiree was supported by only 2.8 workers. By 2060, it is expected there will be just 1.3 workers per retiree.