Japan’s biggest securities firms are raising pay and benefits for workers who reach retirement age, highlighting the urgency to retain talent in one of the world’s most rapidly graying countries.
Workers who reach 60 or above typically face a steep drop in their salary when they are re-employed, and diminished roles such as creating documents. Now, they are increasingly getting paid for performance and given heavier responsibilities in line with their experience.
At Daiwa Securities Group, compensation for senior employees age 60 or over in Japan has risen by an average of 15% over the last two years. Nomura Holdings added paid sick leave to their benefits last year, on par with what younger peers get. Sumitomo Mitsui Financial Group’s securities unit also hiked pay levels for senior workers for two years in a row.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.