Japan to Allocate $17.93B (2Trillion Yen) for Education and Elderly Care Programs

The government of Japan is willing to improve the quality of education and elderly care in the country. It now plans to subsidize almost $17.93 billion (2 Trillion Yen) for this plan soon.

This latest program is part of the economic package on December this year.

According from the published information through Asahi newspaper, the government of Japan revealed on Saturday about its plan to improve the quality of education and the elderly care program by setting aside almost $17.93 billion as a subsidy fund.

Based on the information also, the Japanese government is going to allocate 800 billion Yen to provide kids from 3-5 years old their free daycare education. In addition, the upcoming program will help those low-earning family units by giving them free childcare, particularly those family units with kids up to 2-year old beginning in 2019 (April).

As for the education needs, it will spend another 800 billion Yen to provide free tuition to universities and giving more scholarships to family units that only receive low monthly earnings.

This specific plan however will begin in the fiscal year of 2020.

The Asahi newspaper likewise published that the government is allocating over 100 billion Yen in an effort to increase the salaries of those who are working in daycare centers and elderly homes. The government is expecting the approval of this particular program next month (December 8, 2017).

In an effort to support the funding of the new plans, the government of Japan is willing to utilize almost 1.7 trillion Yen from the increased revenue on the sales tax within the country.

The published information through the newspaper likewise said that the decision of Shinzo Abe to subsidize the planned amount became possible when it get the approval of the lower house after the elections on October.

Abe is the current Prime Minister of Japan.