Japan's big employers are set to follow this year's bumper pay hikes with another round in 2024, which are expected to help lift household spending and give the central bank the conditions it needs to finally roll back massive monetary stimulus. Early indications from businesses, unions and economists suggest the labour and cost pressures that set the stage for this year's pay hikes - the largest in more than three decades - will persist heading into next year's key spring wage talks. The head of major beverage maker Suntory Holdings Ltd, for example, plans to offer 7,000 employees average monthly pay hikes of 7% in 2024 for the second straight year, to retain talent in a tight labour market and offset rising inflation.
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(Reuters) -Toyota Motor said on Wednesday it is raising the wages of nonunion U.S. factory workers just days after the United Auto Workers union won major pay and benefit hikes from the Detroit Three automakers. Hourly manufacturing workers at top pay will receive a wage hike of about 9% effective on Jan. 1, the company confirmed. Other nonunion logistics and service parts employees are getting wage hikes.