Coronavirus Effect: Japanese Firms Offer Voluntary Early Retirement

September 18, 20205:40 pm1343 views
Coronavirus Effect: Japanese Firms Offer Voluntary Early Retirement
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Sixty listed companies in Japan have offered voluntary early retirement for a total of 10,100 employees so far this year, a private credit research agency has said.

This compares against 35 companies for 11,351 employees in full 2019, according to Tokyo Shoko Research Ltd. The data released on Tuesday suggest that many Japanese companies are accelerating efforts to trim their workforces due to novel coronavirus fallouts.

See also: COVID-19 Impacts on Retirement Plan

Of the 60 companies, 21 cited the pandemic as a reason for offering retirement, while 70 percent suffered red ink in their latest earnings results.

Many companies made hasty decisions to encourage retirement of employees in certain job categories or in certain offices as their business conditions worsened quickly due to the viral crisis.

Among companies that introduced large-scale retirement programs, Leopalace21 Corp. offered such a scheme for 1,000 employees, FamilyMart Co. for 800 staff members and Citizen Watch Co. for 750 workers.

— Jiji Press

Read also: You Don’t Really Need Retirement, According to Neuroscientist

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