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Nippon Life Eyes 7% Salary Hike for 2nd Year in Row

REUTERS/Hideyuki Sano
The logo of the Nippon Life Insurance Co. is displayed at the company’s headquarters in Tokyo, Japan.

Tokyo (Jiji Press)—Nippon Life Insurance Co. is considering raising the salaries of its some 50,000 sales employees by about 7 pct for the second straight year in fiscal 2024, the company’s president, Hiroshi Shimizu, has said in a recent interview.

Shimizu stressed that continued salary increases are necessary to boost employee motivation and retention. He also said that the company is considering raising salaries for its 20,000 office workers.

Nippon Life last month announced the acquisition of Nichii Holdings Co., the parent company of nursing business giant Nichiigakkan Co. Shimizu described the acquisition as “a huge challenge.”

He explained that the 210-billion-yen acquisition is aimed at utilizing the customer bases of both companies to expand their insurance and nursing businesses.