TOKYO — Japan's biggest business lobby Keidanren and trade unions kicked off annual labor talks on Wednesday that are likely to lead to another year of bumper wage hikes, though policymakers will be mainly focused on how far the momentum spreads to smaller firms.
TOKYO — Japan 's biggest business lobby Keidanren and trade unions kicked off annual labor talks on Wednesday that are likely to lead to another year of bumper wage hikes, though policymakers will be mainly focused on how far the momentum spreads to smaller firms.With some of the biggest firms already promising to raise pay substantially for this year, the prospect of large wage hikes is seen supporting the case for the Bank of Japan to increase interest rates later this week.
1-percent wage hike in 2024, the biggest increase in three decades, according to Rengo, the nation's largest union.Rengo is seeking wage hikes of at least 5 percent in 2025, while setting a target of at least 6 percent for smaller firms to narrow the income gap with workers at large firms.
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