Nippon Life, Meiji Yasuda Life Mulling 3 Pct Pay Hike

Economy

Tokyo, March 12 (Jiji Press)--Nippon Life Insurance Co. and Meiji Yasuda Life Insurance Co. are considering increasing their respective employee wages for fiscal 2019 by some 3 pct on an annual income base, it was learned Tuesday.

The major Japanese life insurers will not raise their pay scales.

Nippon Life will increase bonuses of some 18,000 career-track workers and others, officials of the company said. Combined with regular pay hikes, their total wages for the year from next month will go up by 3 pct, according to the officials.

Meiji Yasuda plans to raise its bonuses and increase by 5,000 yen the starting salaries of new employees who will join the firm next month and later, Meiji Yasuda officials said.

The company will also extend the retirement age to 65 while raising wages of employees aged 60 or over.

[Copyright The Jiji Press, Ltd.]

Jiji Press