Japan sees largest wage hike in over 30 yrs

Japan’s corporate sector has agreed to its largest average wage hike in over three decades, according to a survey released by the Japan Business Federation (Keidanren).

The average monthly wage increase reached 5.58 per cent, marking the first time it has surpassed five per cent since the asset-inflated bubble economy of 1991. This translates to an average increase of 19,210 yen ($135) per month.

The management agreed to a significant wage increase to attract talent, with figures showing a higher average wage increase of 3.99 percent and 13,362 yen compared to last year.

The National Personnel Authority is set to recommend a monthly pay raise of over 2 percent to parliament and the Cabinet, marking the first increase of this magnitude in 32 years.

Attribution: Kyodo News