A declining and ageing work force poses severe challenges to workers, companies and policy makers. Older worker have to be motivated to stay in the work force. Companies have to adjust their human resource management and development practices to allow for the employment of elderly workers. Labour market policies and public pension systems have to be reformed to support necessary adjustments at the worker and company level. The book brings together leading experts in the field from Japan and Germany to present and discuss how the challenges are coped with in their respective country. Based on recent surveys and statistical analyses, the articles describe employment trends at market and firm levels, investigate the impact of employment practices, labour market policies and pension systems and derive policy recommendations. As Japan and Germany experience the fastest demographic change among industrialized economies, the analysis may serve as reference for other countries.