Japanese companies agreed on biggest wage hike in 33 years, union group says (updated)
04/04/2024 08:54
(Adds milestone in paragraph 2)
TOKYO, April 4 (Reuters) - A group of Japanese firms
have agreed to raise wages by 5.24% this year, the country's
largest union group Rengo said on Thursday.
The third announcement on the outcome of annual pay
negotiations compared with the second survey of 5.25% and
initial outcome of 5.28% last month, still the biggest rise
since 1991 when it logged 5.66%.
The results of the closely watched pay talks are announced
in several stages, starting with blue-chip firms in mid-March.
The average growth of pay hikes tends to shrink from the
initial round as an increasing number of smaller firms wrap up
negotiations towards the April-June quarter.
The next survey result is scheduled to be released on April
18.
Prime Minister Fumio Kishida is counting on high wage growth
to pull Japan out of more than two decades of deflation while
Bank of Japan Governor Kazuo Ueda stresses sustained wage growth
and inflation as crucial for a further pullback from massive
monetary stimulus.
(Reporting by Kentaro Sugiyama
Writing by Satoshi Sugiyama; Editing by Peter Graff and
Jacqueline Wong)
((mailto:Satoshi.Sugiyama@thomsonreuters.com;))