TOKYO - Japan's top companies offered their largest pay increases in a quarter century on Wednesday, as the outcome of annual labour talks showed Japan Inc heeding Prime Minister Fumio Kishida's calls for higher wages to counter a surge in inflation.
That's far above last year's 2.2 per cent and the fastest gain since 1997, when Japan slid into 15 years of deflation. Industrial conglomerate Hitachi Ltd, a cornerstone of corporate Japan, said it would increase overall pay by an average of 3.9 per cent, compared to a 2.6 per cent increase a year earlier.It remains unclear, however, whether the wave of wage hikes could spread to small firms, which employ seven out of 10 workers in the country but struggle to pass on costs to their bigger clients at the end of supply chains.
"We need to focus on base pay. It will likely be a little above 1 per cent, still way lower than price increase," Kiuchi said. Unions have historically tended to settle for relatively meagre pay hikes around 2 per cent in recent years, as unions are inclined to cooperate with management in keeping job security rather than aggressively demanding pay rises.
Source: News Formal (newsformal.com)
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