Average Wages in Japan Hit Record High of 318,300 Yen Last Year

Jan 25, 2024 | News On Japan

TOKYO - The Ministry of Health, Labour and Welfare revealed that the average wage for full-time workers, including those in non-regular employment, reached a record high for the second consecutive year, amounting to 318,300 yen last year.

The preliminary figures from the ministry's annual survey, which aims to capture the wage realities across different ages and industries, were published on January 24th. This survey involves more than 78,000 businesses nationwide and is conducted yearly.

According to the survey, the average wage for full-time workers, including non-regular employees, was 318,300 yen in June of last year, marking a record high for the second year in a row. The growth rate from the previous year was 2.1%, the highest level in approximately 30 years. The increase in wages was particularly notable among younger age groups, with a 1.7% increase for those aged 55 to 59, compared to 2.7% for those aged 20 to 24, and 2.8% for those aged 25 to 29.

By industry, the electric power, gas, heat supply, and water industries boasted the highest average wages at 412,000 yen, followed by academic research, professional and technical services at 397,500 yen, and finance and insurance at 393,400 yen.

Typically, the Ministry of Health, Labour and Welfare publishes the survey results in March, but due to heightened interest in wages, this year marks the first time the publication has been moved forward. The ministry commented on the findings, "The increase in wages can be considered a result of the economic recovery from the pandemic and the growing momentum for wage increases. Companies should take this situation into account when considering wage hikes."

The government has been encouraging businesses to raise wages to support economic growth and improve the standard of living for workers. The trend in wage increases is also seen as a positive sign for Japan's economy, suggesting a potential increase in consumer spending, which could further drive economic recovery. The ministry's early release of the data underscores the importance of timely and relevant wage information in shaping economic policies and business decisions.

Source: NHK

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