Japan's Labor Unions Squeeze Small Pay Rise From Top Companies
- Firms boost monthly pay by 2.16 percent after record profit
- Bigger raises for workers are needed to drive consumption
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Japan’s labor unions have won pay rises for workers, although they’re still too small to generate the big increase in consumption that the Bank of Japan needs for inflation.
Initial results for this year’s “spring offensive” wage talks show workers receiving a 2.16 percent increase in monthly pay, according to figures released by the Japanese Trade Union Confederation on Friday. This compares with a 1.98 percent increase last year. The confederation, commonly referred to as Rengo, will announce final results around July.