quote of the day

I’m happy to keep workers on after 65, but I don’t think many are physically capable. Also, it may take away job opportunities for younger people.


Komatsu CEO Kunio Noji, 65. The construction equipment maker rehires 90 percent of its retirees with a 40% cut in salaries. (Bloomberg)

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The construction equipment maker rehires 90 percent of its retirees with a 40% cut in salaries.

I hope that there's a commensurate 40% decrease in working hours?

Older people have a lot of experience and expertise, and it would be great to keep them around on a consultancy basis. All too often young-centric cultures treat older people with disdain, but I know that when I have a really difficult problem I can just pick up the phone, call my dad and get some solid advice.

I don't think it's fair to ask them to keep working full-time, but having them around on a retainer plus consultancy fee to look over new projects and make suggestions/troubleshoot is a great idea. I remember an old (70 year old) computer scientist who used to work at the University I studied at. He was around when the first computers came out, and he knew how computers worked (as opposed to most young computer specialists who know only part of the picture) and he came up with the most amazing programming solutions because he knew how computers worked in such detail that he could "think" like a computer.

Older people have a lot to offer, and if companies are successful then it'll generate more jobs for young people. The real problem with employment in Japan is that companies are always looking for the "cheap option", like hiring back the same employee at 60% of their salary, or keeping young people on "part time" for as long as possible (even when they're working full-time days). The Japanese government has rules against this and needs to clamp down on this sort of nonsense.

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Such a lie. He states 90% continue to work so he's just put his foot in it. The average life expectancy is highest in Japan and the retirement age is 60 which is one of the lowest. Japan can't afford to prop up these people for 25 years or so. Have them work until 67 or 70 and pay into the pension. The 65 year olds I know are in much better shape and are more active than most of my university students. Japan needs to come to gripes with the reality of all of this - though lets be honest, too late now.

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Yes, just sounds like an excuse to shortchange older workers. And younger people probably make even less than that 40% salary.

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Idiocy. What young people? Your young population is in decline. Your young people don't want to work hard jobs. Stop judging people by age and look at each individual for who he or she is. I know people in their 60s who can run circles around people in their 20's both physically and mentally. It is up to individual people.

Basically Japan suffers from archaic notions about people, trying to lump everyone together in the same box based on age, race, gender etc.... If the people of Japan would just start looking at each individual based upon his or her merit the job market would be a far better place and companies could benefit from the contributions of individuals and not the idiotic illusions of pigeonholes that they now prefer to stuff people into.

It is no wonder the world is passing Japan by when such outdated thinking is still so dominant.

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tmarie and tkoind are right

That age group is still plenty genki, and they grew up in an era of gaman, and will put themselves thru tough crap. Hike jpns big mts and all you will see will be 50-60+ yr olds. (There is a free time retirement, and older worker has money, thing here too, it does take time and money to hike). But still, younger kids are tired out from a little jog.

Further, w/ less young ppl, not only are there less workers, but therefore less cash going around creating demand and buying things. If you don't let the over 60s make things and pay them to buy the things, your economy gets screwedd.

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Komatsu CEO Kunio Noji, 65. The construction equipment maker rehires 90 percent of its retirees with a 40% cut in salaries..................................... Noji san takes a 40 % haircut too ?

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Why don't they stop hiring 65+ year old people in management positions. Sorry but old people in Japan ARE the problem in the management.

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The issue is just this, if older workers do not retire, then there is no place for the younger worker to go and get a job. This is a real issue in the USA and no one wants to talk about it. Because of the world market, older workers have to work longer to rebuild there nest egg. On the other hand, if compenies hired younger workers to work along side the older workers,then experence would be passed along and it would be good for all. The younger workers would have a real internship and as they progressed, then the older workers could retire. If done right, it would be a win win for all. We in America do not respect the older generaation and the experence they have. There is just some knowledge that one can not get from a book or a computer.

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Thedoc, the "lump of labour" fallacy is...a fallacy. Old people working doesn't stop young people from also working. There is no upper limit on the possible size of an economy. Besides, the population is actually falling in Japan.

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Is it truly? As the skilled labour force shrinks more and more companies will outsource overseas and thus fewer jobs will be available for young people.

This is a global problem, know many people that got downgraded from a proper employee down to someone on a low hourly rate so they can still compete with cheaper overseas labour.

This is one thing that will bite china, etc in the rear as labour costs are set to rise.

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You can't have a cheap labour force while allowing them enough income for a good lifestyle(education, medical, etc), something has to give.

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