#Japan #Tokyo #Sonamira #Corporate DC #Early Cross

A New Era for SMEs: Sonamira and Early Cross Join Forces

In a significant development aimed at enhancing the retirement security of employees in small and medium-sized enterprises (SMEs), Sonamira Inc. has announced a partnership with Early Cross Co., Ltd. This collaborative effort focuses on implementing corporate defined contribution (DC) plans to aid SME employees in their asset formation and ensuring peace of mind in retirement.

Sonamira, embracing the philosophy of delivering lifelong security to a diverse clientele, has introduced various solutions through life and non-life insurance, as well as financial products, aiding individuals in realizing their life designs. The recent agreement with Early Cross marks a strategic move towards bolstering the retirement planning landscape for SMEs, which often lack robust corporate pension schemes compared to larger corporations.

Addressing a Societal Challenge

A noteworthy dilemma facing the workforce in Japan, particularly among SMEs, is the prevalent inadequacy in retirement asset preparation. Many employees are left at a disadvantage due to the minimal development of corporate pension systems, with a prevailing misconception that only large firms can offer such benefits. Currently, the uptake rate of corporate DC plans within SMEs stands at less than 2%, indicating a substantial gap in retirement security provisions for a significant segment of the Japanese working population.

The corporate DC plans introduced by Early Cross can be implemented with the participation of just one individual, thereby opening avenues for even the smallest businesses to provide their employees with essential retirement savings options. Through this partnership, Sonamira will facilitate connections between interested SMEs and Early Cross, streamlining the process of adopting and managing corporate DC plans effectively.

Comments from Sonamira's CEO

Hidenobu Tanaka, the CEO of Sonamira, highlighted the pressing challenges that numerous SMEs encounter regarding their employees' retirement savings. “The corporate-defined contribution scheme is gaining attention as a viable solution to these issues. Through our partnership with Early Cross, we aim to contribute to the creation of a secure future for those who work in SMEs by offering valuable services that encompass both financial and systemic support,” he stated.

The Businesses Involved

About Sonamira Inc.

• - Overview: A licensed financial product intermediary. (License No. 1010 from the Kanto Financial Bureau)
• - Headquarters: 3-2-1 Kojimachi, Chiyoda City, Tokyo, 102-0083, Japan
• - Established: August 2022
• - CEO: Hidenobu Tanaka
• - Services:

- Life insurance distribution
- Non-life insurance agency services
- Financial product brokerage
- Introduction and brokerage of individual defined contribution pension plans
- Related services

• - Website: Sonamira

About Early Cross Co., Ltd.

• - Overview: Provides support for the implementation of corporate DC plans and investment education.
• - Headquarters: 3-21-18 Haruyoshi, Chuo City, Fukuoka, 810-0003, Japan
• - Established: December 2016
• - CEO: Masaya Hanashiro
• - Website: Early Cross

Conclusion

The partnership between Sonamira and Early Cross signifies a pivotal stride towards enabling more SMEs to realize their responsibility and capability to secure their workers' futures. By offering accessible solutions for corporate DC plans, these companies are not just enhancing employee benefits but are also contributing to the overall economy, fostering a more secure and prosperous society for the future.