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Japanese Cabinet Approves Bill to Revamp Postal Privatization Plan |
| Source: |
japantoday.com |
| Source Date: |
Saturday, May 01, 2010 |
| Focus: |
ICT for MDGs
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| Country: |
Japan |
| Created: |
May 10, 2010 |
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The cabinet on Friday approved a bill to scale back the planned privatization of state-owned Japan Post Holdings Co, featuring the realignment of its five-company structure into three companies on Oct 1, 2011.
Under the bill that the government aims to enact in June, the deposit cap at its banking unit will be doubled to 20 million yen while the postal group will be obliged to offer ‘‘universal’’ banking and insurance services throughout the country in addition to mail services.
At present, Japan Post Holdings has four companies—Japan Post Service Co, Japan Post Network Co, Japan Post Bank Co and Japan Post Insurance Co—under its umbrella.
The life insurance coverage limit at Japan Post Insurance will be raised to 25 million yen from 13 million yen, while the insurance arm will be allowed to sell new insurance products, such as cancer insurance.
The bill calls for merging Japan Post Holdings, Japan Post Service and Japan Post Network into a new holding company, which would then place Japan Post Bank and Japan Post Insurance under its wing.
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Japanese Cabinet Approves Bill to Revamp Postal Privatization Plan The cabinet on Friday approved a bill to scale back the planned privatization of state-owned Japan Post Holdings Co featuring the realignment of its five-company structure into three companies on Oct 1 2011
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