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Japan Inc offers lowest pay rises in 8 years as pandemic bites

Japan Inc offers lowest pay rises in 8 years as pandemic bites
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Corporate Japan offers lowest pay rises in eight years

Mar 17, 2021 Companies are offering their lowest wage increases in eight years as labor talks wrap up on Wednesday, in a sign the COVID-19 pandemic is putting an end to the benefits brought on by former Prime Minister Shinzo Abe s stimulus policies. Over the past seven years, major firms have offered pay rises of 2% or more in annual shuntо̄ spring wage negotiations, in a nod to government efforts to eradicate two decades of grinding deflation. Abe s policies, dubbed Abenomics, targeted wages among other reforms to help reflate the economy. The country s chronic labor shortage from a rapidly graying population also prodded companies to offer higher salaries to lure talent.

Japanese companies offer lowest pay rises in 8 years as pandemic bites

Japanese companies offer lowest pay rises in 8 years as pandemic bites Mar. 17 04:00 pm JST Mar. 17 | 04:07 pm JST TOKYO Japanese companies are offering the lowest wage increases in eight years as labor talks wrap up on Wednesday, in a sign the COVID-19 pandemic is putting an end to the benefits brought on by former premier Shinzo Abe s stimulus policies. Over the past seven years, major firms have offered pay rises of 2% or more in annual shunto spring wage negotiations, in a nod to government efforts to eradicate two decades of grinding deflation. Abe s policies, dubbed Abenomics , targeted wages among other reforms to help reflate the economy.

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