Meiji Yasuda Life Insurance Co., a key player in the Japanese life insurance sector, has disclosed its intention to raise the retirement age for its employees from 65 to 70. This decision is aimed at preventing a shortage of seasoned workforce within the company. By extending the retirement age, the company seeks to address not only the prevalent labor shortage across various industries but also meet the desires of senior employees who wish to prolong their careers.
The company has announced its plan to engage in discussions with its labor unions to potentially implement the new retirement system by April 2027. The modified framework is primarily designed for career-track employees and is expected to grant more autonomy to senior staff in determining their retirement timeline, work hours, and workdays, considering their health conditions. Moreover, the initiative will enable elderly employees to retain their managerial positions, thereby allowing them to continue contributing to the organization's operations and development.
In addition to raising the retirement age, Meiji Yasuda Life Insurance Co. is contemplating extending the compulsory retirement age for its sales representatives as part of its strategic workforce planning. Simultaneously, the company aims to enhance its efforts to facilitate the advancement of young employees into higher positions at an earlier stage in their careers. This strategic approach aims to ensure that the increase in the retirement age to 70 does not impede the progression and growth opportunities of younger talented employees within the organization.