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Toyota Rebuffs Union Wage Demand as “Impossible”
Toyota Motor Corp. says its trade union's demand for monthly raises of 6,000 yen ($50) for its members is prohibitively expensive.
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Toyota Motor Corp. says its trade union's demand for monthly raises of 6,000 yen ($50) for its members is prohibitively expensive.
Toyota is expected to report an operating profit of 7.2 trillion yen ($61 billion) in the fiscal year ending March 31. Managing Officer Tatsuro Ueda tells reporters the union demand, representing a raise of 1.7%, would cost 20 billion yen ($168 million). He describes the amount as "impossible to accept."
Last year auto workers in Japan received their first raise since 2006. But the increase was offset by inflation and last April's sales tax hike. Prime Minister Shinzo Abe has been trying to coax large Japanese companies to help stimulate the country's economy by raising wages.
Ten more unions are demanding the same 6,000-yen raise at Japan's other carmakers. Toyota's settlement typically sets a standard for the industry.
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