4 Major Japanese Steelmakers to Raise Retirement Age to 65

Economy

Tokyo, April 4 (Jiji Press)--Four major Japanese steelmakers said Thursday that the retirement age of their employees will be raised from the current 60 to 65, beginning in fiscal 2021.

In line with the moves, the companies are expected to step up efforts to ensure that skills and techniques held by veteran employees are passed on to young workers smoothly and to help employees keep motivation high, industry sources said.

The four companies are Nippon Steel Corp. <5401>, Nippon Steel Nisshin Co., which is a unit of Nippon Steel, JFE Steel Corp. and Kobe Steel Ltd. <5406>.

It is rare for major companies in an industry to introduce the retirement age of 65 at the same time.

The simultaneous moves by the four steelmakers come as labor unions at the companies collectively negotiated with the management side and reached an agreement.

[Copyright The Jiji Press, Ltd.]

Jiji Press