FOCUS: Japanese Political Parties Campaigning on Higher Wages
Tokyo, June 25 (Jiji Press)--Both Japan's ruling and opposition blocs are campaigning on measures to raise flagging wages, such as significant minimum wage increases and tax breaks, for the July 10 House of Councillors election.
The debate is raging on how to achieve a positive economic cycle of steady wage growth and expanding consumption amid rising inflation caused by soaring commodity prices and the cheap yen.
Increasing wages is one of the most important economic policy goals of Prime Minister Fumio Kishida.
His ruling Liberal Democratic Party pushes to create "the first era of full-fledged wage growth in 25 years," signaling an eagerness to pull the country out of years of low wages since the burst of its bubble economy.
Specifically, the LDP's campaign pledges include encouraging small companies to raise wages by expanding tax breaks and subsidies, promoting equal pay for equal work and eliminating the gender wage gap.
[Copyright The Jiji Press, Ltd.]