Faced with huge investment losses brought on by depressed stock prices and the prospect of baby boomers nearing retirement, corporate pension funds are on the verge of collapse.
"Corporate pensions are a lifeline for workers after retirement. But we are now facing a crisis," said Hiroshi Tada, director general of the Pension Fund Association.
The association is a nationwide organization comprising some 1,600 corporate pension funds covering nearly 10 million workers.