Meiji Yasuda Life Insurance to Raise Retirement Age to 70
Meiji Yasuda Life Insurance, a leading Japanese insurance company, plans to raise its retirement age from 65 to 70 to address the growing labor shortage and cater to employees' desire to work longer. The company announced its intention to discuss the new policy with its labor unions, aiming for implementation in April 2027.
This move would make Meiji Yasuda the first major financial institution in Japan to set the mandatory retirement age at 70. The new framework will primarily apply to career-track employees, offering them flexibility in choosing their retirement date, working hours, and days while maintaining their managerial positions. The company also plans to consider delaying retirement for sales representatives.
To ensure opportunities for younger talent, Meiji Yasuda will focus on promoting young employees to higher positions earlier. This will prevent the higher retirement age from hindering the career advancement of younger staff.
The company previously extended its retirement age from 60 to 65 in 2019. Additionally, it offers a system for employees to continue working as contract employees on a one-year renewable basis after mandatory retirement. Currently, around 100 employees aged 65 or older have opted for this option.