Daily News

View All News

Older Japanese workers seek new jobs as lifetime employment wanes (Nikkei Asia)

20 June 2023

The number of older Japanese workers seeking a new job has increased significantly in recent years, underscoring the country's shift from its traditional lifetime employment model, reports Nikkei Asia, citing data from the Ministry of Internal Affairs and Communications. In the first three months of this year, an average of 3.78 million workers aged 45-64 said they wanted to switch jobs. The figure is up by more than 30% from the same period in 2018. In contrast, the number of potential job hoppers regardless of age group averaged 9.86 million throughout 2022, up 16% from 2018. Meanwhile, companies are raising the retirement age or abolishing mandatory retirement; however, not all workers in their 40s and 50s have management positions or preferred job posts. As working lives become longer, more people seek to find positions that match their career preferences. Takuya Hoshino, senior economist at the Dai-ichi Life Research Institute, said midcareer hires now face less of a pay gap versus a company's longtime workers.