Jobs
Here’s How Much Japanese Firms Plan to Hike Salaries This Year
- Manufacturers’ union group secures 5.32% wage increases
- Toyota pledges to meet the demands of its union in full
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Early results of annual wage negotiations indicate many Japanese workers will secure the biggest increases in decades, in a positive development for the Bank of Japan just days before it meets to decide whether to end the world’s last negative rate regime.
In the latest key developments, Toyota Motor Corp., Japan’s biggest company by market capitalization, said Wednesday it agreed to its union’s pay demands in full with record raises. Autoworkers industrywide are in line for increases of 5% or more. The Japanese Association of Metal, Machinery and Manufacturing Workers said 60 affiliated unions secured an average pay increase of 5.32%, exceeding last year’s tally by a large margin.