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UPDATE: Toyota Raises Worker Compensation 3% in Japan
Toyota Motor Corp. has agreed to raise the monthly wages and other benefits for its hourly workers in Japan by 11,700 yen ($110), or 3.3%.
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Toyota Motor Corp. has agreed to raise the monthly wages and other benefits for its hourly workers in Japan by 11,700 yen ($110), or 3.3%.
The hike, which is Toyota’s fifth consecutive increase, will take effect when the next fiscal year begins on April 1.
Base monthly wages will rise by more than 1,300 yen, slightly above last year’s increase, according to Reuters. Toyota boosted base wages by 4,000 yen in 2015 and 1,500 yen in 2016.
Toyota’s actions are considered a bellwether for annual wage adjustments among major Japanese employers. Prime Minister Shinzo Abe has been urging major companies to raise wages by more than 3% to help stimulate Japan’s economic growth.
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