News Releases 2020Meiden increases the retirement age for contract-based workers from the current 70 to 75
Meidensha Corporation (Meiden) will increase the retirement age for contract-based workers employed under the company’s Elder System from the current 70 to 75 on October 1, 2020.
In April 2020, Meiden extended the mandatory retirement age for regular workers to 65. This move followed the January 2017 launch of the Elder System that allows employees to continue working for Meiden as contract workers beyond the age of 65. These steps were designed to create a working environment that encourages senior workers to pass on their skills, knowledge and experience to younger employees and contribute to the company’s prosperity.
Under the Elder System, retired regular employees who possess skills, knowledge and experience the company needs and are physically able to continue working are transferred to MEIDEN MASTER PARTNERS CORPORATION, a Meiden subsidiary, to work as contract workers from age 65 to 70.
Raising the retirement age for these workers to 75 – a change based on reviews of the system – will be instituted in line with other work style reforms for senior employees. This will raise these employees’ wages, ensure Meiden retains a talented workforce and strengthen corporate competitiveness. Meiden will further encourage employees to extend their careers by providing an environment in which they can work with peace of mind even after retiring as regular employees.
〈Changes to the Elder System〉
・Retirement age of workers employed under the system raised from 70 to 75 (employees must meet certain requirements to be accepted for the system).
・Wage level raised by considering employee wages until 65 and employee pension payments beyond 65.
To promote and support diverse work styles, the Meiden Group offers a flexible working environment at MEIDEN MASTER PARTNERS. Employees can choose a work style that fits their needs, such as a shorter working week or fewer work hours.
Meiden and Meiden Group will continue to promote diverse work styles, while considering and encouraging expanded employment opportunities for elderly employees to ensure further corporate prosperity and business expansion. These efforts will accommodate planned April 2021 revisions to the Act on Stabilization of Employment of Elderly Persons and other expected law revisions.
Public & Investor Relations Division