Note 1-28

28 According to estimates of the Ministry of Health, Labour and Welfare based on the latest population estimate and economic projections, in the event that pension benefits are maintained at the levels established in the last revision of the pension system in FY2000, final premium rates must be raised from 19.8% (as of the FY2000 revision) to 25.9% for Employees' Pension and from 18,500 yen (as of 1999) to 29,500 yen (as of 2004) for National Pension, if the ratio of state contribution to basic pensions is maintained at one-third. If the increase of the ratio of state contributions to basic pensions to one-half is completed by FY2009, final premium rates will be set at 22.8% for Employees' Pension and 20,700 yen for National Pension (as of FY2004).