1.
moratorium; temporary suspension or postponement
A temporary prohibition or suspension of an activity, often used in legal, financial, or policy contexts. Borrowed from English 'moratorium.'
2.
psychosocial moratorium; period of identity exploration
In psychology (from Erik Erikson), a phase during which young people delay adult commitments while exploring their identity. Commonly used in Japanese to describe people who postpone entering society.
Usage
In Japanese, モラトリアム is used both in its original policy/legal sense and in a psychological sense referring to a period of identity exploration. The psychological usage, from Erik Erikson's theory, became widely known in Japan and is used to describe young adults who delay entering the workforce.