Yes Virginia, there is a Santa Claus.
Congratulations for the lucky ones of you out there who will recieve payments as part of the Japanese government’s 2 trillion yen economic stimulus package 定額給付金 teigaku kyuufukin. Under the plan, ￥12000 payments will be distributed to households across Japan.
So how will it all work? The Mainichi Shinbun explains:
[...]cash will be doled out to households by transferring the money to individual accounts at financial institutions after the head of each household files an application by postal mail to local governments.
The draft says it is desirable to start supplying the cash to households before the end of fiscal 2008, but the actual starting date will be decided by each municipal government. The deadline for applications is still being debated and will be either within three months or six months.
While the government and the ruling coalition had earlier pledged to finish distributing the cash to all households before the end of this fiscal year, it has emerged that it will be unfeasible.
Under the draft plan, each municipal government will send application forms to the heads of households, who will be expected to return them with their bank account details. Municipal governments will confirm the identity of recipients by requiring them to send copies of their bankbooks and driver’s licenses together with their application. The officials may also transfer the cash to accounts already on record for use in withdrawing utility fees.
If an individual cannot file an application through postal mail, the head of a household can visit the municipal government office and go through procedures to have the cash transferred to their account. Supplying the money through municipal government offices is also an option, but for safety reasons, it will be limited to cases where bank transfers are difficult.
The amount of cash to be doled out will be 12,000 yen per person, and additional 8,000 yen will be paid to those aged over 65 or under 18. The base date for determining a person’s age will be either Jan. 1 or Feb. 1 next year.
The cash will be provided by municipal governments where recipients have their residency registered as of the base date. As for foreigners, the cash allowance will be distributed to permanent foreign residents and the foreign spouses of Japanese nationals.
So all you permanent residents and spouses out there, enjoy your ￥12000. You might want to look into putting your money in a higher interest yen time deposit (see my previous article on the subject) or picking up some personal finance books to increase your financial IQ.
As I don’t fall into either of the above categories, I’ll just have to see if I can win it at pachinko.
