lifetime employment system
Refers specifically to the traditional Japanese employment practice where regular employees are hired straight from school and expected to stay with the same company until retirement.
Japan's lifetime employment system has been undergoing review in recent years.
Seniority-based wage system often paired with lifetime employment; 終身雇用制度 is the employment practice itself, while 年功序列 is the compensation structure.
Compound of 終身 (lifetime) + 雇用 (employment) + 制度 (system). The term describes a well-known post-war Japanese employment model.