Clothing giant Fast Retailing will increase wages by up to 40% in efforts to make the company’s work style and remuneration more globally competitive
Tokyo — Uniqlo parent Fast Retailing on Wednesday said it would raise wages by as much as 40%, in the clearest sign yet that Japan’s rock-bottom salaries may be starting to budge after decades of deflation and cost-cutting.
“We welcome reports of companies that have announced aggressive wage hike policies,” Hirokazu Matsuno, the government’s top spokesperson, told a news conference. The change was aimed at making the company’s work style and remuneration more globally competitive, the spokesperson said, adding that there was an “urgent need” to raise its pay in Japan, where it has remained low compared with its overseas operations.
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