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Japan Real Wages Fall at Steepest Pace in 9 Years in 2023

Japan Real Wages Fall at Steepest Pace in 9 Years in 2023

   Tokyo, Feb. 6 (Jiji Press)--Japan's inflation-adjusted real wage index fell 2.5 pct in 2023 from the previous year, the steepest decline since the 2.8 pct drop logged in 2014 due to the impact of a consumption tax increase, the labor ministry said in a preliminary report Tuesday.
   The index dropped for the second straight year as wage growth failed to outpace inflation although pay increases agreed at "shunto" spring labor-management wage negotiations in 2023 reached their highest levels in 30 years.
   Monthly nominal wages per worker rose 1.2 pct to 329,859 yen on average. Of the total, regular pay including basic salary rose 1.2 pct, and overtime and other nonregular pay grew 0.3 pct. Special pay including bonuses increased 2.0 pct.
   The consumer price index excluding imputed rent, a measure used to calculate the real wage index, surged 3.8 pct.
   Total nominal wages for full-time workers averaged 436,849 yen, up 1.8 pct, and those for part-time workers stood at 104,570 yen on average, up 2.4 pct.

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AFP-JIJI PRESS NEWS JOURNAL


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