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TOKYO : Japan’s largest union “Rengo” will ask for a pay increase of at least 5 per cent at next year’s spring wage negotiations to help workers cope with living costs in the face of stubborn inflation, a union representative said.
Japanese firms under pressure from Prime Minister Fumio Kishida’s demands for pay rises to outpace inflation, currently running at 2.9 per cent.
The decision by Rengo follows similar demands by other unions, laying the ground for the Bank of Japan to shift away from more than a decade of monetary stimulus.
Japan’s labour council JCM, which represents 2 million metal workers, said it was considering asking for a monthly base pay increase of at least 3 per cent at wage talks.
UA Zensen, another union which covers service-sector workers and part-timers, said it would demand a 6 per cent pay rise next year.
Six out of 10 economists in a Reuters poll expect major firms’ pay hikes in 2024 to exceed this year’s increases.
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