Toyota Agrees to Monthly Wage Hike of 9,200 Yen

Economy

Tokyo, March 17 (Jiji Press)--With Japan reaching the climax of this year's "shunto" wage negotiations, Toyota Motor Corp. <7203> proposed on Wednesday to increase monthly wages by 9,200 yen, as requested by its labor union.

At the leading Japanese automaker, which serves as a pacesetter in shunto talks, the pay hike is larger than the 8,600 yen worked out in the 2020 shunto negotiations.

In the latest talks, Toyota also fully met the union's request for annual bonuses equivalent to 6.0 months' salary, down from the previous year's payment of 6.5 months' salary.

But the novel coronavirus crisis put a drag on business performance in many other sectors. The overall pay increase is likely to fall short of 2 pct for the first time in eight years.

Nissan Motor Co. <7201> offered to raise monthly wages by 7,000 yen, the same increase as the previous year's, as requested by its union. It also proposed to pay bonuses equivalent to 5.0 months' salary.

[Copyright The Jiji Press, Ltd.]

Jiji Press