TOKYO : Workers from Japan's largest union have struck early agreements for hefty wage hikes with employers as cost of living pressures grow and businesses scramble to secure staff amid a labour crunch, unionists said on Thursday.In an unprecedented move, 18 unions under the umbrella of UA Zensen, which r
TOKYO : Workers from Japan's largest union have struck early agreements for hefty wage hikes with employers as cost of living pressures grow and businesses scramble to secure staff amid a labour crunch, unionists said on Thursday.
The agreements come almost a week before the March 15 announcements of shunto results from Japan's largest employers, which have historically set the precedent for wage growth for the coming fiscal year from April. Prime Minister Fumio Kishida is piling pressure on companies to raise wages by 3 per cent or more to beat rising living costs. The Bank of Japan is also desperate to see wage hikes strong enough to achieve sustainable demand-driven inflation.
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