TOKYO: Japan's regular pay grew at the fastest pace in over 28 years in May, government data showed on Friday (Jul 7), as wage hikes induced by labour talks this spring started to take effect. Base salary soared 1.8 per cent in May year-on-year, the biggest rise since February 1995. Wage growth i
TOKYO: Japan's regular pay grew at the fastest pace in over 28 years in May, government data showed on Friday , as wage hikes induced by labour talks this spring started to take effect.Wage growth is one of the key trends on the Bank of Japan's radar as the central bank considers if and when it should unwind its ultra-loose monetary stimulus.
The country's largest trade union group Rengo said on Wednesday its member unions saw the biggest pay increase in three decades, with an average hike of 3.58 per cent, at this year's salary negotiations. Total cash earnings, or nominal wages, increased 2.5 per cent year-on-year in May, after rising a revised 0.8 per cent in April.
Inflation-adjusted real wages, a barometer of households' purchasing power, dropped 1.2 per cent in May from a year earlier, falling for 14 months straight.
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