Companies Plan Biggest Wage Hikes in 30 Years

Jiji Press

16:49 JST, May 20, 2023

TOKYO (Jiji Press)—Monthly wage hikes major Japanese companies have so far agreed in this year’s shunto spring wage talks with labor unions reached the highest level in at least 30 years, the Japan Business Federation said Friday.

The hikes averaged 3.91%, or ¥13,110, for unionized workers at 92 companies in 15 industrial sectors, according to the initial tally released by the business lobby, also known as Keidanren. Keidanren officials said the average rate last reached such a high level in 1993, when the rate stood at 3.83%, or ¥10,759.