More Japanese companies are shifting to merit-based pay as competition for worke...
TOKYO - More Japanese companies are shifting to merit-based pay as competition for workers heats up, but the change risks holding back the sort of blanket wage hikes the prime minister says are needed to inflate the economy.
For workers, the shift would boost salaries of younger workers and potentially widen the country’s wage gap. “Japanese firms no longer see the point of doing what everyone else does to raise wages in unison,” said Hisashi Yamada, senior economist at Japan Research Institute. “As Abe’s campaign on wage hikes runs its course, wages will struggle to rise ahead.”
Toyota’s labor union is demanding an average pay rise of 10,100 yen per month this year, down from last year’s call for 12,000 yen, or 600 yen less than the agreed increase in 2019. Japan has lagged industrialized economies in adopting merit pay systems and blanket pay rises based on years of service have come to symbolize the country’s inability to compete in the global marketplace.Last year, big firms raised wages by some 2% for a sixth straight year as Abe kept up the pressure on businesses to boost pay to beat deflation that has dogged Japan for two decades.
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