From this April, the Ministry of Health, Labor and Welfare began to require companies to make efforts to hire employees until the age of 70.
Since employment until the age of 65 is already mandatory, it is certain that employment will become mandatory until the age of 70 in the not too distant future.
This is partly because there are more healthy and youthful elderly people than in the past, and partly because the number of pensioners is expected to increase in the future, so it is a stepping stone to raise the starting age for pension benefits.
In other words, while you can work, you should work and pay the pension insurance instead of receiving it.
In Japan, pensions are paid in full from the age of 65, but it is possible to choose to delay the payment until the age of 70 (deferred payment). In this case, the amount of pension will increase by 42% over the pension received at age 65.
It seems that the government is planning to change this system to a system where pensions will be paid from the age of 70, with the possibility of deferring benefits until the age of 75.
The healthy life expectancy in Japan is 72 years for men and 75 years for women, so it is not hard to understand why people set 70 years as the starting age for receiving pension benefits, although there are individual differences.
I will turn 65 this October and will start receiving my pension, but I need to work a little more to save up the money to build a house in the Philippines.
So, I'm thinking of working until I'm 70 to keep up with the current trends, but my wife is not happy.
In the Philippines, many people do not work until they are about 50 years old. That's why Filipinos are surprised when they come to Japan and see elderly people working.
It was 30 years ago that the retirement age was 55 in Japan, and it is unthinkable to quit your job and retire at 50.
I think the standard in Japan is to work as long as we can.
I plan to use my pension to pay for my living expenses, and the money I work will be used to build a house and for my spending money.
