Japan’s Biggest Bank Plans to Keep Its Aging Workers for Longer

Mitsubishi UFJ Financial Group Inc., the largest of Japan’s three megabank groups, plans to raise the age for mandatory retirement to 65 from the current 60, the latest push to retain talent in an aging population.

The move, effective April 2027, comes as part of “human capital initiatives” aimed at boosting long-term workforce sustainability, MUFG said in a statement Wednesday. The package also includes increasing paid parental leave to 20 business days from 10, and offering a one-time bonus of as much as 100,000 yen ($630) for staff that cover for their colleagues taking that time off.