Japan's Steelmakers Raise Mandatory Retirement Age
04/09/2019 - Japan’s aging population has created ever-present labor shortages for employers, but four Japanese steelmakers have found one workaround: keep the employees they have longer.
The Jiji Press news service reports that the steelmakers, Nippon Steel Corp., Nippon Steel Nisshin Co., JFE Steel Corp. and Kobe Steel Ltd., all have reached agreements with employees to raise the mandatory retirement age to 65, beginning in fiscal 2021.
In Japan, the retirement age is 60. But that is increasingly becoming untenable as the country’s population grows older. In fact, Japan’s working-age population is projected to decline 30% over the next 40 years.
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