Japan Real Wages Fall at Fastest Pace in 8 Years in FY 2022

   Tokyo, May 23 (Jiji Press)--Japan's inflation-adjusted real wages fell at their fastest pace in eight years in fiscal 2022, which ended last March, as price increases outpaced growth in nominal wages, the labor ministry said Tuesday.
   Real wages fell 1.8 pct in fiscal 2022 from the previous year, the fastest decline since they dropped 2.9 pct in fiscal 2014, when a consumption tax increase lifted prices.
   Nominal monthly wages rose 1.9 pct to 326,308 yen on average, their steepest increase since fiscal 1991. The consumer price index, excluding imputed rent, used to calculate real wages, climbed 3.8 pct due to soaring food, electricity and gas prices.
   Of the total nominal wages, regular pay including basic salary went up 1.1 pct. Overtime and other nonregular pay increased 4.1 pct and special pay including bonuses grew 4.5 pct.
   Total nominal wages for full-time workers gained 2.3 pct to 430,392 yen, and those for part-time workers grew 2.8 pct to 102,791 yen.

(2023/05/23-12:56)

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