Reportedly, Japan is taking bold steps towards "scrapping the retirement age" in its employment system, marking a significant shift in the country's longstanding labor practices. The move is projected to address the major challenges of a rapidly ageing population and shrinking workforce, encouraging the long-serving employees to keep contributing to the society. The exact timing of this policy change and further details are yet to be announced.

The retirement age in Japan has been a critical factor in the country's labor market and is linked to multiple socio-economic issues including the aging population, dwindling birth rates and labor shortage. The proposed move to abandon the concept of a 'fixed retirement age' could significantly affect employment patterns, economic productivity, and social security systems.

In contrast, countries like the US or EU have fluctuating retirement ages, with ongoing debates about raising the age limit due to similar challenges of an ageing population. However, scrapping the retirement age entirely appears to be a more aggressive strategy that hasn't been broadly adopted.