Early moves by heavyweight companies signals an upward move in the wage trend as the highest inflation in more than four decades eats into the purchasing power of households.
. agreed to give the largest wage hikes in two decades according to its union Wednesday. The world’s biggest carmaker said the agreement was reached at the first round of negotiations. It didn’t disclose a percentage increase.Motor Co. Ltd said it will raise wages by 5%, including the biggest increase in base pay in about 30 years.
Hefty raises from some of the biggest names in corporate Japan at an early stage could also put pressure on other companies to give larger-than-usual raises. Toyota is often first among Japanese firms to announce the results of annual wage negotiations. In recent years the labor union has requested wage increases across 12 categories based on type and rank, as opposed to an average increase of base pay in the form of a percentage.Honda said the raises would add up to a ¥19,000 bump in monthly pay. It also said the salary hikes will prioritize younger employees who are more impacted by inflation.
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