Canon to Conduct 1st Pay-Scale Hike in 20 Years

Economy

Tokyo, Dec. 26 (Jiji Press)--Canon Inc. said Monday <7751> that it will raise its monthly pay scale by 7,000 yen in January for all of its some 25,000 employees, its first pay-scale hike in 20 years.

The Japanese company has not increased its pay scale since 2004, adopting a salary system in 2005 that sets wages based on the jobs of employees.

But the company opted to raise the pay scale this time to support the livelihood of its employees amid soaring prices, which are likely to continue for the time being.

Combined with an annual wage increase of some 7,000 yen on average among unionized employees, wages are set to rise by about 3.8 pct year on year.

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Jiji Press