KazPost

Kazakhstan News
Saturday, Mar 25, 2023

Toyota and Honda announce biggest pay rises in decades

Toyota and Honda announce biggest pay rises in decades

Japanese motor industry giants Toyota and Honda say they have agreed to give their workers in the country the biggest pay rises in decades.
They are the latest firms in the world's third largest economy to increase wages as prices jump.

Official figures published last month showed Japan's rate of inflation was at its highest level in over 40 years.

That has put pressure on businesses and authorities to help people as their spending power shrinks.

Each year Japanese firms typically hold pay talks with unions for weeks before announcing their decisions around the middle of March.

The car makers have not said why this year's announcements were made earlier than usual.

On Wednesday, Toyota said it will meet union demands for pay and bonuses, with wages increasing by the most in 20 years.

Toyota's incoming president Koji Sato said that he hoped the move would have a positive impact across Japan's motor industry and "lead to frank discussions between labour and management at each company."

The company declined to provide further details when approached by the BBC.

Meanwhile, rival car maker Honda told the BBC that it had "fully answered" union requests for wage increases and bonuses.

The company said it will raise salaries by 5%, marking the biggest increase since 1990 and above Japan's rate of inflation.

A Honda spokesperson said the extra money will largely be distributed to younger employees as starting salaries are boosted.

"Despite the severe business environment, management has a strong desire to create an environment in which all employees can... push forward with their work with a sense of urgency," the spokesperson added.

Earlier this year, Japan's prime minister Fumio Kishida called on firms to raise wages to help people struggling with rising prices.

In January, the owner of fashion chain Uniqlo, Fast Retailing, said it would raise the pay of staff in its home country by up to 40%.

The company said the new pay policy would apply to full-time employees at its headquarters and company stores in Japan from the beginning of March.

For decades both prices and wage growth in Japan had been stagnant.

In recent months inflation around the world jumped as countries eased pandemic restrictions and the war in Ukraine pushed up energy prices.

In December, Japan's core consumer prices rose by 4% from a year earlier, double the central bank's target level and the highest rate in 41 years.
Newsletter

Related Articles

KazPost
Close
0:00
0:00
Powell: Silicon Valley Bank was an 'outlier'
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
Orbán Viktor: the restructuring of the power relations in the whole of Europe is taking place
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Banking regulators close SVB, the largest bank failure since the financial crisis
Silicon Valley Bank: Struggles Threaten Tech Startup Ecosystem"
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
European MP Clare Daly condemns US attack on Nord Stream
Kamala Harris: "The United States has formally determined that Russia has committed crimes against humanity."
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
U.S. Jet Shoots Down Flying Object Over Canada
Nord Stream terror attack: David Sacks breaks down Sy Hersh's story
Being a Tiktoker might be expensive…
SpaceX, the private space exploration company, made a significant breakthrough in their mission to reach space.
China's top tech firms, including Alibaba, Tencent, Baidu, NetEase, and JD.com, are developing their own versions of Open AI's AI-powered chatbot, ChatGPT
This shocking picture, showing how terrible is the results of the earthquake in Turkey
The desk of King Carlos Alberto of Sardinia has many secret compartments
Today's news from Britain - 9th February 2023
The five largest oil companies in the West generated combined profits of nearly $200 billion in 2022, which has led to increased calls for governments to impose tougher windfall taxes
2 earthquakes in Turkey killed over 2,300 people
Turkish photographer Ugur Gallenkus portrays two different worlds within a single image. Brilliant work
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
×