Although the retirement age is 60 in Japan, many continue to work, commonly rehired by the same company as a contract worker.
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A survey of 1,100 people in Japan in their sixties, past the retirement age of 60, found that 66% were still working. Of these 78% were in the 60–64 age group, and 51% of this subgroup were working for the original company that hired them under a continued-employment arrangement. However, they were not necessarily rehired as regular employees. The most common employment status for both those in their early and late sixties was that of a contract employee.
The survey was conducted by Kakehashi Skysolutions, a Tokyo-based human resources consulting firm, from late February to early March.
Income from their current job was the main source of income for 65% of those under 65, who do not themselves receive pension benefits. Among those in their late sixties, 30% said that their current job was the main source of income, rather than the pension they were receiving.
Apart from those who answered, “nothing in particular,” the most common concern after retirement was about living expenses.
(Translated from Japanese. Banner photo ©Pixta.)
The information you provided centers on Japan's workforce dynamics post-retirement age, highlighting the prevalence of continued employment among individuals aged 60 and above. The data showcases a survey conducted by Kakehashi Skysolutions, a Tokyo-based human resources consulting firm, shedding light on the trends and statistics related to this demographic.
The key concepts covered in this article revolve around:
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Retirement Age in Japan (60): Japan has a retirement age of 60, yet a substantial portion of individuals continue working beyond this age.
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Continued Employment: Despite reaching the retirement age, a significant proportion (66%) of people in their sixties are still active in the workforce.
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Employment Status of Retired Individuals: The majority, especially in the 60–64 age group (78%), continue working, with 51% employed by their original company under continued-employment arrangements. However, these individuals are commonly not rehired as regular employees but rather as contract workers.
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Survey Details: Conducted by Kakehashi Skysolutions, the survey involved 1,100 individuals in Japan during late February to early March. This study provides statistical insights into the post-retirement workforce landscape.
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Income Sources: The survey highlights that for 65% of those under 65 without pension benefits, income from their current job is their primary source of income. Additionally, 30% of those in their late sixties prioritize their job income over their received pension.
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Concerns Post-Retirement: Among concerns after retirement, the most common worry, apart from those who responded with "nothing in particular," was about managing living expenses.
The information paints a picture of how the retirement age in Japan doesn't signify an exit from the workforce for many individuals, with continued employment as contract workers being a prevalent choice. It also emphasizes the financial reliance on employment income for a substantial portion of seniors who might not have pension benefits.
This trend in Japan's workforce landscape showcases a cultural and economic aspect of extended work beyond the retirement age, presenting implications for retirement policies, societal expectations, and financial planning for seniors.
