[Japan] Record minimum wage rise planned

In Japan, a labour ministry panel plans to recommend an increase of around 6 per cent to the national average minimum wage for this fiscal year, Reuters reports.

The move would be the biggest wage hike since at least 2002, according to the Kyodo news agency.

The proposed rise, to about 1,118 yen ($7.43) per hour, would exceed last year's increase of 5 per cent and be the largest since the current system began, the agency reportedly said.

In 2024, Japanese Prime Minister Shigeru Ishiba's administration set a target to raise the average minimum wage by 42 per cent to 1,500 yen per hour by the end of the decade.

Raising the legally binding minimum wage would boost households' purchasing power. However, it would also further pinch profits at smaller firms that are struggling to make ends meet.

Source: Reuters

(Link via original reporting)

In Japan, a labour ministry panel plans to recommend an increase of around 6 per cent to the national average minimum wage for this fiscal year, Reuters reports.

The move would be the biggest wage hike since at least 2002, according to the Kyodo news agency.

The proposed rise, to about 1,118 yen ($7.43) per hour, would exceed last year's increase of 5 per cent and be the largest since the current system began, the agency reportedly said.

In 2024, Japanese Prime Minister Shigeru Ishiba's administration set a target to raise the average minimum wage by 42 per cent to 1,500 yen per hour by the end of the decade.

Raising the legally binding minimum wage would boost households' purchasing power. However, it would also further pinch profits at smaller firms that are struggling to make ends meet.

Source: Reuters

(Link via original reporting)