A survey by the Finance Ministry showed on Monday that about 70% of companies in Japan will raise pay scale in fiscal year 2024, per Japan Times.
Additional takeaways
“The proportion of companies planning to raise their pay scales stood at 70.7%, up by 6.3 percentage points from the previous year.”
“Companies at which pay-scale hikes and regular pay increases will total 5% or more came to 36.5%, nearly doubling from the previous year.”
“50.2% of small and medium-sized firms said that they had been unable to pass on rising labor costs in their product and service prices.”
“The survey also showed that about 40% of firms were struggling with labor shortages even after raising wages.”
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