People walk in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm, March 6, 2023, in Tokyo. (PHOTO / AP)
TOKYO – Japan's major companies have agreed at their annual labor talks with average wage hikes of 3.8 percent for the coming fiscal year, the largest raise in about three decades, trade union confederation Rengo said on Friday.
While changes in the way the survey is conducted make it difficult to compare with historical data before 2013, the average pay hike of more than 3 percent is achieved for the first time since 1994, Rengo officials told a news conference on the spring wage talks
The preliminary survey of 805 unions affiliated with Rengo showed the average hike rate of 11,844 yen ($89) per month, according to the labor organization.
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While changes in the way the survey is conducted make it difficult to compare with historical data before 2013, the average pay hike of more than 3 percent is achieved for the first time since 1994, Rengo officials told a news conference on the spring wage talks.
Top Japanese firms agreed to their largest pay rises in a quarter century at the talks that wrapped up on Wednesday, heeding, at least for now, Prime Minister Fumio Kishida's call for higher wages to offset rising living costs.
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Rengo, also known as the Japanese Trade Union Confederation, will update the pay negotiation results in several stages before compiling the final results in summer.