”Work until 70”... Why are Japanese companies abolishing mandatory retirement ages for managerial positions? = Korean report

As the aging of society accelerates, the working population is shrinking, and a growing number of Japanese companies are abolishing mandatory retirement ages for managerial positions.
One example is Daiwa House Industry, a major Japanese housing construction company, which has a system in place that requires employees to retire from managerial and section manager positions when they reach the age of 60.
Daikin Industries, which deals in air conditioners, has also abolished the mandatory retirement age for managerial positions, which had been set at 56 years old, and the information technology company NEC has also abolished it by 2021.
In 2013, the company abolished the existing mandatory retirement age of 56 years old. According to the survey results, a considerable number of companies have already abolished such mandatory retirement ages. Organization and Personnel Consulting
The Fasol Research Institute conducted a survey of 34 large companies in 2022 on the current status of mandatory retirement age systems for positions, and the percentage of those who responded that they had "abolished" or "planned to abolish" the system reached 29%.
Japan's Act on Stabilization of Employment of Older Persons will allow companies to extend the retirement age to 70 from 2021 and provide contract employment to workers who wish to continue working.
There is an obligation to make efforts to guarantee continued employment up to the age of 70.