From inflation allowances to the reskilling of workers, firms in Japan are stepping up efforts to help employees fight rising prices and a labour crunch, even though some cannot afford pay hikes that do more than offset cost-push inflation.
The private sector expects the drive to help boost productivity, meshing with Prime Minister Fumio Kishida's "new capitalism" initiative on wealth distribution that put a top priority on wage hikes.
"Bonuses or inflation allowances would have only a limited impact on easing the pain of cost-push inflation, as consumers tend to save one-off payouts rather than spend," added Kiuchi, now an executive economist at the Nomura Research Institute. Mori's employer, Cybozu, has offered employees a record pay hike in the upper reaches of the 1% to 10% range this year.
Despite a jobless rate of 2.5% in November that reflects the tight labour market, and steady job availability, at a ratio of 1.35 per seeker, policymakers complain about the absence of demand-pull inflation that entails wage growth.At this year's shunto talks, large firms are likely to offer the biggest pay hikes in 26 years, or an average of 2.85% for the financial year starting in April, a poll of 33 economists by the Japan Economic Research Center showed.
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