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Major Japanese companies agree to increase wages by 5.58%

TOKYO (Jiji Press) – Major Japanese companies agreed to raise monthly wages by an average of 5.58%, or ¥19,480, during this year’s “shunto” spring payroll negotiations, the Japan’s first census shows Business Federation, or Keidanren. Monday.

The result easily exceeded last year’s increase of 3.91%, or ¥13,110, and surpassed 4% for the first time since 1992, when the average rose 4.78%, or ¥12,893.

During this year’s shunto, the labor market demanded bigger wage increases than the year before, due to inflation and labor shortages.

A number of large companies have fully accepted these requests. Some companies promised higher wage growth than unions are demanding.

The count included 89 companies in 16 sectors.

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