Retirement
Increase in the national retirement
age: An amendment to an existing law that
increases the minimum retirement age to 60 was passed on April 30,
2013. Large companies with 300 or more employees were required to
comply in 2016.
From January 1, 2017, the new retirement age will also apply to
small companies with less than 300 employees. Retirement at 60 will
therefore apply in all organisations, regardless of the size of the
workforce.
Some companies already subject to the new retirement age have
been introducing a "wage peak system" to reduce the costs
related to extended employment. A wage peak system involves
applying regular salary reductions – instead of raises
– to employees after they reach a certain age, until their
retirement. Subsidies are available for employers who introduce
this system (to support employees who would receive less salary due
to the wage peak system), subject to the applicable requirements,
and provided the system is set
