Sumitomo Mitsui to Raise Starting Salaries

Jiji Press

17:01 JST, February 7, 2023

TOKYO (Jiji Press) — Sumitomo Mitsui Banking Corp. plans to raise starting monthly salaries by ¥50,000 in April, people familiar with the matter said Monday.

The Sumitomo Mitsui Financial Group Inc. unit will raise starting salaries for the first time since 2007, in a move to secure talented workers and help them deal with soaring prices. Some 400 new employees will join the Japanese bank in April.

Rival Mizuho Financial Group Inc. is considering raising starting salaries by the same amount in 2024.