Japanese Textile and Apparel industries asking employees to retire early

Many Japanese Textile and Apparel industries are asking their employees to retire early, inorder to reduce negative impact on economy caused by the pandemic.

The measure is expected to help companies offset months of declining business, increasing uncertainty and shifting consumer behaviours, all of which are taking a toll in the already battered retail industry.

In a recent report, private research firm Tokyo Shoko Research said 41 companies did so during the first half of this year. That is already more than the 35 in the whole of last year. It is also the first time since 2010 that the figure has topped 40 in a six-month period.
The apparel and textile industry tops the list, with six firms asking staff to retire early.

Moreover, nearly 7,200 workers were targeted for attrition from January through June. That already exceeds the full-year figures from 2016 to 2018.