Japan’s government has set up a government fund to assist the elderly, as the country struggles to keep pace with an ageing population.
Prime Minister Shinzo Abe announced the Japan Aging Fund at a news conference on Friday.
Abe said the fund would be used to help elderly Japanese who want to travel abroad and buy their own property.
“I have decided to set up an elderly fund in the hope that by using the funds, I can help to support elderly people,” Abe said.
“I want to help them, even if it is a little bit late.”
The fund is meant to provide financial support to those over 60, while a smaller fund for the working age will also be set up.
The fund has already raised about 200 million yen ($2.1 million), according to the government.
It will help the elderly pay for things such as rent and housing, according to a government press release.
More:Japan faces a budget deficit of about 9.4 trillion yen ($1.4tn) in the current fiscal year, which began in September, and a debt load of about 240 trillion yen.
Japan’s elderly are among the poorest in the developed world.
About half the population of Japan is aged 65 or older.