The Cabinet on Tuesday approved bills to urge businesses to let employees work until age 70, as the country seeks to expand the working population to cover rising social security costs amid the rapid graying of society.
While their provisions are not mandatory, the bills call on companies to choose one of five options, including raising the retirement age, scrapping it or allowing employees to work beyond the age limit.
The two other options are for companies to outsource some operations to retirees who start their own business or become freelance, or to assign them to philanthropic projects run by the firms.