Kishida Pushes for Unprecedented Wage Increases

Jan 23, 2024 | News On Japan

TOKYO - At the tripartite conference held on Monday, involving government, labor unions, and business leaders, Prime Minister Fumio Kishida called for wage increases exceeding last year's levels.

Prime Minister Kishida stated, "For this year's spring labor-management negotiations, considering the trends in prices, I request wage increases that surpass the levels of last year."

Emphasizing the pivotal moment for Japan's economy to either regress to deflation or completely break free from it, Kishida appealed for wage hikes that exceed the levels achieved last year by major corporations, the highest in 30 years.

Kishida requested the thorough implementation of guidelines on the pass-through of labor costs to prices, compiled last year, to 1,873 industry associations.

Following the meeting, Tokura, the representative of the business community and Chairman of Keidanren (Japan Business Federation), expressed the intention to continue wage increases exceeding the 2% target set by the government and the Bank of Japan.

The focus in the upcoming full-fledged "Shunto" (spring wage negotiations) will be on securing funds for wage increases, especially in small and medium-sized enterprises where 70% of workers are employed.

Source: 日テレNEWS

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