In Japan, the official retirement age has been gradually increasing due to demographic changes and economic considerations. As of now, the key points regarding retirement in Japan are:
Statutory Retirement Age: The official retirement age for full pension benefits from the public pension system (kōsei nenkin and kokumin nenkin) is set at 65 years old.
Early Retirement: Individuals can start receiving a reduced pension from the age of 60, but this results in lower monthly payments compared to waiting until the full retirement age.
Late Retirement: Delaying retirement beyond the age of 65 can increase monthly pension payments. Individuals can defer receiving their pension until the age of 70, which results in higher benefits.
Company Retirement Age: Many companies in Japan have their own retirement policies, typically setting the retirement age at 60. However, due to recent legislative changes, companies are encouraged to allow employees to work until 65, and eventually up to 70, to align with the increasing statutory retirement age.
Reemployment System: To accommodate the aging population, Japan has a reemployment system where companies rehire retired employees on a contract basis. This allows retirees to continue working beyond the typical retirement age, often in reduced or different roles.
These measures reflect Japan's efforts to adapt to an aging population and to sustain its workforce.
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