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Business trends

With profits rolling in, corporate Japan trims its workforce

Moneymaking companies shed 9,100 jobs in 2019 in effort to become more youthful

About 20 profitable and listed Japanese companies in 2019 shed more than 9,000 jobs, most of which had been filled by middle-aged and older employees.   © Reuters

TOKYO -- Some profit-making Japanese companies are luring middle-aged and older workers into early retirement to free up funds for young hires with high-tech skills and big pay expectations.

The trend shows that Japan Inc., long known for a seniority-based pay ladder that rewards those who have been around the longest, is getting serious about competing in artificial intelligence and other advanced-technology sectors.

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