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Japan: Bill Enacted to Allow Public Use of Dormant Deposits
Source: http://the-japan-news.com
Source Date: Friday, December 02, 2016
Focus: Institution and HR Management
Country: Japan
Created: Dec 07, 2016

The Diet enacted Friday a bill to open the way for the use of so-called dormant deposits left intact for at least 10 years for public-interest activities.

Under the lawmaker-initiated legislation, an estimated ¥50 billion to ¥60 billion will annually be utilized for poverty reduction, support for young people, welfare and regional revitalization.

The bill was approved by a majority vote at a plenary meeting of the House of Councillors. It cleared the House of Representatives in November.

The new law will be fully enforced one and a half years after its promulgation.

But organizations engaged in public-interest activities will receive disbursements years later as the use of dormant deposits starts from those generated one year after the full enforcement.

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