Japan's largest bank is considering extending the retirement age to retain talent under the pressure of aging population.

Amid the pressure of an aging population, Mitsubishi UFJ Financial Group plans to increase the mandatory retirement age from the current 60 years old to 65 years old in order to retain talent. Mitsubishi UFJ Financial Group is the largest of the three major super bank groups in Japan. The company released a statement on Wednesday stating that this measure will take effect in April 2027 as part of their "Human Capital Plan" to enhance long-term labor sustainability. The plan also includes increasing paid parental leave from 10 working days to 20 working days and providing a one-time bonus of up to 100,000 yen for substitute employees.