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Japan Today
4 hours ago
- Business
- Japan Today
Japan's average pay up over 5% for 2nd year in a row
Japanese companies agreed to raise wages by an average 5.25 percent in this year's spring wage talks, the second straight year to exceed 5 percent, the country's largest labor union said Thursday, although salary growth failed to keep pace with ongoing inflation. The Japanese Trade Union Confederation, also known as Rengo, said its final tally of the results of pay negotiations from over 5,000 member unions found the average monthly wage hike stood at 16,356 yen ($110). The results came a year after wages increased by over 5 percent for the first time in 33 years. But wages among small- and medium-sized firms lagged behind their larger counterparts, rising by an average 4.65 percent, or 12,361 yen. "The scope (of companies) raising wages has expanded, but it's a shame that small to medium-sized firms have failed to reach 5 percent. We were unable to halt the growing gap," said Akira Nidaira, executive director at Rengo. The latest government data also showed real wages falling for the fourth straight month in April, as core consumer prices continued their upward trend. "The difference in profits and corporate resilience became glaringly apparent," said Shinichiro Kobayashi from Mitsubishi UFJ Research and Consulting Co., adding that smaller enterprises may struggle to recruit people because of the gap. Spring negotiation wage hikes had fallen below 3 percent since 1995, but grew to 3.58 percent in 2023. The final tally in 2024 was an average 5.10 percent as a whole, and 4.45 percent among small to medium-sized firms. Meanwhile, summer bonuses for union members in major companies hit a record average 990,848 yen, the highest since the current method of data collection was introduced in 1981, according to preliminary numbers from the Japan Business Federation. The figure rose 4.37 percent compared to the previous year, climbing for the fourth straight year. © KYODO
Japan Today
4 hours ago
- Business
- Japan Today
Japan's average pay up over 5% for 2nd year
Japanese companies agreed to raise wages by an average 5.25 percent in this year's spring wage talks, the second straight year to exceed 5 percent, the country's largest labor union said Thursday, although salary growth failed to keep pace with ongoing inflation. The Japanese Trade Union Confederation, also known as Rengo, said its final tally of the results of pay negotiations from over 5,000 member unions found the average monthly wage hike stood at 16,356 yen ($110). The results came a year after wages increased by over 5 percent for the first time in 33 years. But wages among small- and medium-sized firms lagged behind their larger counterparts, rising by an average 4.65 percent, or 12,361 yen. "The scope (of companies) raising wages has expanded, but it's a shame that small to medium-sized firms have failed to reach 5 percent. We were unable to halt the growing gap," said Akira Nidaira, executive director at Rengo. The latest government data also showed real wages falling for the fourth straight month in April, as core consumer prices continued their upward trend. "The difference in profits and corporate resilience became glaringly apparent," said Shinichiro Kobayashi from Mitsubishi UFJ Research and Consulting Co., adding that smaller enterprises may struggle to recruit people because of the gap. Spring negotiation wage hikes had fallen below 3 percent since 1995, but grew to 3.58 percent in 2023. The final tally in 2024 was an average 5.10 percent as a whole, and 4.45 percent among small to medium-sized firms. Meanwhile, summer bonuses for union members in major companies hit a record average 990,848 yen, the highest since the current method of data collection was introduced in 1981, according to preliminary numbers from the Japan Business Federation. The figure rose 4.37 percent compared to the previous year, climbing for the fourth straight year. © KYODO
The Mainichi
12 hours ago
- Business
- The Mainichi
Japan's average pay ups over 5% for 2nd year in row amid price hikes
TOKYO (Kyodo) -- Japanese companies agreed to raise wages by an average 5.25 percent in this year's spring wage talks, the second straight year to exceed 5 percent, the country's largest labor union said Thursday, although salary growth failed to keep pace with ongoing inflation. The Japanese Trade Union Confederation, also known as Rengo, said its final tally of the results of pay negotiations from over 5,000 member unions found the average monthly wage hike stood at 16,356 yen ($110). The results came a year after wages increased by over 5 percent for the first time in 33 years. But wages among small- and medium-sized firms lagged behind their larger counterparts, rising by an average 4.65 percent, or 12,361 yen. "The scope (of companies) raising wages has expanded, but it's a shame that small to medium-sized firms have failed to reach 5 percent. We were unable to halt the growing gap," said Akira Nidaira, executive director at Rengo. The latest government data also showed real wages falling for the fourth straight month in April, as core consumer prices continued their upward trend. "The difference in profits and corporate resilience became glaringly apparent," said Shinichiro Kobayashi from Mitsubishi UFJ Research and Consulting Co., adding that smaller enterprises may struggle to recruit people because of the gap. Spring negotiation wage hikes had fallen below 3 percent since 1995, but grew to 3.58 percent in 2023. The final tally in 2024 was an average 5.10 percent as a whole, and 4.45 percent among small to medium-sized firms. Meanwhile, summer bonuses for union members in major companies hit a record average 990,848 yen, the highest since the current method of data collection was introduced in 1981, according to preliminary numbers from the Japan Business Federation. The figure rose 4.37 percent compared to the previous year, climbing for the fourth straight year.
