Kiyoshi Ishii, 72, owner of a shop selling rice crackers, speaks to a Reuters’ reporter in his shop at Tokyo’s Sugamo district, an area popular among the Japanese elderly, in Tokyo, Japan February 2, 2016. The Bank of Japan (BOJ) hopes that cutting interest rates below zero will boost spending and investment, but fear, inertia and years of paltry returns mean the nation’s army of savers is unlikely to march to the central bank’s tune. Picture taken February 2, 2016. REUTERS/Toru Hanai
The Cabinet on Tuesday approved bills to urge businesses to let employees work until age 70, as the country seeks to expand the working population to cover rising social security costs amid the rapid graying of society.
While their provisions are not mandatory, the bills call on companies to choose one of five options, including raising the retirement age, scrapping it or allowing employees to work beyond the age limit.
The two other options are for companies to outsource some operations to retirees who start their own business or become freelance, or to assign them to philanthropic projects run by the firms.
The government plans to submit the bills — covering six laws — to the ongoing Diet session and hopes to put them into effect from April 2021. In the future, the government plans to make it obligatory for firms to let employees work until 70, officials said.
I – Word Understanding
Philanthropic – seeking to promote the welfare of others, especially by donation
Obligatory – required (by law)
II – Have Your Say
1. As the government is intent on raising the working age up to 70, what do you think are the challenges of working up to this age?
2. What would you rather do after 60?
a. Continue the same work
b. Find another work (2nd career)
c. Become a freelance – what specialty?
d. Have your own business
715 Japan to amend laws to help elderly work until 70
