One of the policies of the Japanese principals was a Mandatory Retirement policy for employees who have reached 50 years or have served 15 years whichever comes first. Is this policy legal considering we did not sign any contract agreeing to this and that, as far as I know by law the retirement age is 60?
This afternoon, I was informed that I am due for retirement and the company is offering 94% of my current salary per year of service. Considering I still have 4 little kids studying, I am not yet prepared to retire and I don't think the amount I will receive will last long. And also, since I am already 46 years old I will have difficulty finding a new job.
I did not sign yet their offer saying I will think about it first.
Your advise will be greatly appreciated.