Average Pay Hike Hits 33-Year High of 5.1 Pct in Japan
Tokyo, July 3 (Jiji Press)--Monthly pay increases granted by Japanese companies to labor unions in this year's "shunto" spring wage negotiations averaged 5.10 pct, or 15,281 yen, the highest level since the 5.66 pct marked in 1991, the Japanese Trade Union Confederation, or Rengo, said Wednesday.
The weighted average rose 1.52 percentage points, or 4,721 yen, from the previous year, on the back of soaring prices and labor shortages, according to final shunto results released by Rengo, the umbrella organization of labor unions in the country.
As part of efforts to help the Japanese economy fully overcome deflation, the government has called for realizing wage increases that outpace inflation.
As a result, many large companies fully accepted pay hike demands from labor unions.
The average pay hike by small and midsize companies with fewer than 300 labor union members came to 4.45 pct, or 11,358 yen.
(2024/07/03-18:29)
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