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Toyota Balks at Wage Demands in Japan
Toyota Motor Corp. appears likely to offer its factory workers in Japan a monthly raise of 1,500 yen ($13.26) after complaining it couldn’t afford a 1,000-yen raise because of rising regulatory costs and the appreciating yen.
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Toyota Motor Corp. appears likely to offer its factory workers in Japan a monthly raise of 1,500 yen ($13.26) after complaining it couldn’t afford a 1,000-yen raise because of rising regulatory costs and the appreciating yen.
The union has requested a 3,000-yen raise. Reports last week indicated Toyota was considering a 2,000-yen ($17.67) hike in base wage. But this week the company says its pay rates are already high relative to other employers in Japan.
Analysts consider Toyota’s tough stance a blow to Prime Minister Shinzo Abe’s efforts to revive Japan’s economy by increasing workers’ pay.
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