Instead of hiring younger people, re-skill/re-integrate older people at a lower pay…
“The UK increased its retirement age from 60 (for women) and 65 (for men), first by equalizing genders, then pushing both up to 66, and with a plan to move up further over time. Prior to a recent increase in the retirement age from 60 to 61 and higher in future years, the Japanese government struggled to push the official retirement age up, leaving firms to often solve the problem by releasing workers at 60 and rehiring them on new contracts, often at reduced pay rates.”
Link to article – https://www.bain.com/insights/better-with-age-the-rising-importance-of-older-workers/