Uniqlo owner gives Japan Inc a jolt with 40% wage hike

TOKYO, Jan 11 (financialpost.com) - Uniqlo parent Fast Retailing Co Ltd on Wednesday said it would raise wages by as much as 40%, in a high-profile sign that Japan’s rock-bottom salaries may be starting to budge after decades of deflation and cost-cutting.

The move by the casual clothing giant is likely to heighten focus on worker pay ahead of annual spring labor negotiations, although it looks unlikely that the rest of Japan Inc will deliver increases on the same scale.

Prime Minister Fumio Kishida has repeatedly called for companies to increase wages, a plea that has gained urgency as prices have surged, leading to once-unthinkable increases in the cost of everything from food to fuel.

The poor state of pay has become arguably the greatest problem for the world’s third-largest economy. In dollar terms, average annual pay in Japan was $39,711 in 2021, well below the OECD average of $51,607 and little changed from the early 1990s. ...continue reading

Source: 日テレNEWS

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