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Japanese companies have agreed to a 5.4% wage increase this year, according to the latest figures from the country's largest union group, Rengo. This marks the highest pay hike in 34 years, although slightly lower than the preliminary estimate of 5.46%. Rengo aims to extend this momentum to smaller firms as negotiations continue.
Japanese firms have agreed to an average wage increase of over 5%, the largest in 34 years, amid rising living costs and labor shortages. While major companies like Hitachi have met union demands, concerns remain about whether this will significantly boost consumer spending, especially among smaller firms. Prime Minister Shigeru Ishiba emphasized the need for higher pay, particularly for truckers, as negotiations continue into the spring.
Japanese firms have agreed to an average wage increase of over 5%, the largest in 34 years, amid rising living costs and labor shortages. While major companies like Hitachi have met union demands, concerns remain about whether this will significantly boost consumer spending, especially among smaller firms. Prime Minister Shigeru Ishiba emphasized the need for higher pay, particularly for truckers, as negotiations continue into the spring.
Japan's largest labor union chief, Tomoko Yoshino, is urging Prime Minister Shigeru Ishiba's government to enhance wage hike efforts, particularly for small firms, ahead of next year's pay negotiations. She emphasized the need for revising key laws to enable small businesses to manage costs and called for increased subsidies to tackle significant labor shortages.
Tomoko Yoshino
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