Social Security swap agreement signed

Social welfare agreement signed

PUBLIC SERVICE ANNOUNCEMENT: After years of discussion, the Japan and USA have signed an agreement that allows nationals of one country working in the other to gain credits for their social welfare contributions. ...A person working for years in Japan then returning home, would not be able to gain credit for a pension program in either country, despite having paid substantial contributions.
According to the Nikkei, the new program allows US
nationals in Japan and Japanese nationals in the USA to stay out of the host country's social welfare contribution program for 5 years, and instead contribute to their home country program. If they plan to reside in the host country for longer than 5 years, then contributions move to the program in the country of residence, and are also aggregatable once the person returns home.
Via: T E R R I E 'S T A K E -- A weekly roundup of news & information from Terrie Lloyd-- http://www.terrie.com ---General Edition Sunday, 22th February, 2004 Issue No. 267