Meiji Yasuda Life Insurance will raise its retirement age to 70 starting in April 2027 [1], [2].
The move addresses Japan's shrinking workforce by retaining veteran employees who possess critical institutional knowledge and specialized skills. It marks the first time a major financial institution in Japan has implemented such a system to keep older workers in the active workforce.
Under the new system, employees who continue working after the previous retirement age of 65 [3] will receive treatment and compensation equivalent to their pre-retirement status [4]. The company will also allow these employees to flexibly choose their working days and hours [4]. To support this transition, the company is extending the age for retirement benefit accruals to 70 [5].
Meiji Yasuda Life said there was a strong internal demand for extended employment. An internal survey revealed that 80 percent of employees expressed a desire to continue working beyond age 65 [6].
"The experience and skills cultivated until now are very significant. They are a very large asset for the company," said Makoto Akai, a manager in the personnel system group [7]. Akai said the goal is to ensure every employee can work with peace of mind for a long period [7].
Employees expressed a desire to remain productive rather than simply occupying a position. "If various conditions, including health, are met, I want to continue working," said Kenichi Matsunaga, a company employee [8]. Matsunaga said he wants to meet the expectations of the company [8].
The company's headquarters in Tokyo will oversee the rollout of the program as the 2027 fiscal year begins [1], [2].
“The experience and skills cultivated until now are very significant. They are a very large asset for the company.”
This policy shift reflects a broader structural necessity in Japan's economy, where a rapidly aging population and declining birth rate create chronic labor shortages. By removing the typical pay cut associated with post-retirement re-employment, Meiji Yasuda Life is attempting to incentivize high-skill veterans to remain in the workforce, potentially setting a precedent for other Japanese financial firms to abandon traditional retirement ages.
