Japan to support upskilling of one million workers

The Japanese government will help about one million workers develop skills and find new jobs as part of efforts to invest more in human resources, highlighted a draft plan.

The draft outlines policies to invest heavily in human resources, science and technology, startups, and decarbonisation and digitisation.

The government plans to offer workers relearning opportunities and new jobs, based on measures worth ¥400 billion (US$3.13 billion) over three years.

It also intends to create a new credit guarantee system that will benefit startups, eliminating the need for personal guarantees should a startup already have a credit guarantee in place.

The government also intends to raise household income through wage hikes, and shift personal financial assets from savings to investment across all generations. 

READ: Central body tasked with narrowing gender inequality in Japan

“It is necessary to create a virtuous cycle in which households receive the benefits of a sustainable increase in corporate values” by shifting deposits or savings to investment by promoting reform of the Nippon Individual Savings Account small-lot investment system, read the draft, according to The Japan News.