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Japan's Wage Growth Continues as Companies Agree to Over 5% Pay Raise

23/03 15:49

Japan's annual labor negotiations have resulted in companies agreeing to a wage increase of over 5% for the third consecutive year, reflecting ongoing wage growth. According to Jin10, this development is seen by policymakers as crucial for achieving sustainable economic growth in Japan. The Japanese Trade Union Confederation (Rengo), the country's largest labor union, reported that preliminary statistics indicate an average wage increase of 5.26% this year. Last year's initial data showed a 5.46% increase, which was later revised down to a final increase of 5.25%, marking the largest rise in 34 years. Final figures typically fall below preliminary statistics as smaller companies, which often agree to smaller wage increases, are included later in the process. Rengo members are seeking an average wage increase of 5.94%, slightly lower than last year's demand of 6.09%.

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