Feb 23, 2023

Japanese motor giants 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. Each year Japanese firms typically hold pay talks with unions for weeks before announcing their decisions around the middle of March. 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 the Japan's motor industry and "Lead to frank discussions between labour and management at each company." 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.

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