Editorial

16:19 JST, November 20, 2024

Many people hold back on increasing their working hours because if their income increases, they will be required to shoulder tax or social security burdens and their take-home pay will decrease.

With labor shortages becoming more serious, holding back on working hours can be considered a loss to society. The government should not only review the tax and social security systems as a whole, but also implement remedial measures, including changes to how the burdens should be borne.

The ruling Liberal Democratic Party, its coalition partner Komeito and the opposition Democratic Party for the People have begun discussions on reviewing the “¥1.03 million barrier,” which refers to the imposition of income tax on annual income exceeding ¥1.03 million for part-time and other workers. The aim is to raise the threshold for taxable annual income and increase........

© The Japan News