About a quarter of Japanese firms have offered inflation allowances or plan to do so. Read more at straitstimes.com.
TOKYO - From inflation allowances to the reskilling of workers, firms in Japan are stepping up efforts to help employees fight rising prices and a labour crunch, even though some cannot afford pay hikes that do more than offset cost-push inflation.
“I received the money just when we had our second baby,” said Ms Shinichiro Mori, who received a one-off allowance of 150,000 yen last summer from groupware developer Cybozu Inc, one of about 800 employees to do so. OECD data shows Japanese workers’ wages have grown about 5 per cent over a period of 30 years from 1990, during which US pay rose 1.5 times and pay for South Koreans doubled.
Real wages fell 2.5 per cent in November, down for the ninth straight month, following the previous month’s decline of 3.8 per cent, the latest data shows. Despite a jobless rate of 2.5 per cent in November that reflects the tight labour market, and steady job availability, at a ratio of 1.35 per seeker, policymakers complain about the absence of demand-pull inflation that entails wage growth.
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