Japan turns to workers over 70 to fill jobs

The global population is aging, which means a decline in those of working age. One country where there aren’t enough people to fuel the workforce is Japan.

Where in the world? The reality of labor shortages due to an aging population is hitting Japan especially hard. Some 40% of companies in the country now employ workers over 70, according to data from the Japanese Ministry of Health, Labor, and Welfare, Quartz reported.

Individual companies in Japan can decide on the upper limit for when their workers must retire, beyond the government mandated age of 65, and some have increased the age workers are allowed to stay on the job, according to Quartz.

Satellite view. Japan isn’t alone in encouraging people to work longer. For example, France’s president, Emmanuel Macron, announced plans in January to increase the nation’s retirement age from 62 to 64.

Globally, Bain & Company estimated that 150 million more older workers (those over 55) will be in the workforce by 2030 and will hold more than one in every four jobs in G7 countries. Therefore, employers may need to think about how to help workers succeed as they age.

“Companies that invest in recruiting, retaining, reskilling, and respecting the strengths of this group will set themselves up for success as the demographics of the workforce continue to shift,” Andrew Schwedel, a partner at Bain & Company, said in a press release.

Our golden years may not be quite as relaxing as we thought.