There are an estimated 26.18 million people in Japan who are 70 year old or older, representing 20.7% of the population, according to the Ministry of Internal Affairs. That population grew by one million from 2017. Meanwhile, those age 65 and older now make up 35.57 million, or 28.1% of the national population. That represents about 1 in 8 workers.
While 65 years old is the traditional retirement age, the government is thinking about requesting that businesses allow employees to stay on until they reach 70. Another government proposal would move the pension-eligible age past 70 for those who decide to work that long. Those workers would be eligible to receive a bigger pension.
Just over 8 million Japanese age 65 and older, a record number, worked last year. While Japan has seen its corporate profits grow under the leadership of Prime Minister Shinzo Abe, it faces a labor shortage that can undermine that growth.