TOKYO : Every March, management of major Japanese firms meet with unions for wage talks across industries that set the tone for employees' pay in the new fiscal year.The precedent set at the 'shunto' spring wage talks also influences wages at smaller firms that employ seven out of 10 Japanese workers and
TOKYO : Every March, management of major Japanese firms meet with unions for wage talks across industries that set the tone for employees' pay in the new fiscal year.
In around March of each year, companies and union negotiate pay for the fiscal year beginning in April of that year. Unionists have long since turned cooperative, rather than combative, working with management on the shared objective of job security rather than higher pay. He has called on companies to achieve wage hikes that exceed the pace of inflation to help households weather rising living costs brought by a spike in fuel and raw material prices.
Such hikes would meet Kishida's calls for companies to offer annual wage hikes of 3 per cent but miss an ambitious goal of a 5 per cent pay increase demanded by Japan's labour umbrella Rengo.The key for the economy will be how much companies will raise base pay, which are across-the-board and permanent payments that provide the basis of future allowances like retirement and pensions.
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