SMBC to Raise Retirement Age to 65

Economy

Tokyo, April 16 (Jiji Press)--Sumitomo Mitsui Banking Corp. plans to raise the retirement age for its regular employees from the current 60 to 65, informed sources said Tuesday.

The core unit of Sumitomo Mitsui Financial Group Inc. <8316> proposed the change and other reform measures in its personnel system to its labor union, according to the sources. The bank aims to put these steps into place in January 2020.

SMBC would be the first of the three Japanese megabanks to raise the retirement age to 65.

Under the overhauled personnel system, SMBC would give greater weight to skills and contributions in employee evaluation, enabling workers to be promoted to managerial positions eight years after joining the bank at the earliest, the sources said.

Through these measures, the bank hopes to better take advantage of elderly employees' experience while flexibly promoting young people.

[Copyright The Jiji Press, Ltd.]

Jiji Press