Against the backdrop of the coronavirus epidemic and a looming global economic s...
TOKYO - Against the backdrop of the coronavirus epidemic and a looming global economic slowdown, big Japanese carmakers and electronics firms are tightening their belts in influential annual wage deals being hammered out with unions.
The prospect of tame wage rises to shelter corporate profits will curb consumer spending and make Prime Minister Shinzo Abe’s lofty goal of generating a self-sustaining growth cycle - a key plank of his ‘Abenomics’ policies to stimulate the world’s 3rd biggest economy - even more remote. “Substantial wage increases cannot be expected in 2020 as base pay won’t rise much,” said Yoshiyuki Suimon, senor economist at Nomura Securities. He was referring to base pay hikes, which determine regular pay that accounts for most of monthly salary.
“As the virus outbreak deepens, labor unions are also losing momentum towards base pay hikes, and both manufacturers and non-manufacturers become half-hearted about wage hikes.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Olympics or not, Japan wheelchair dancer has message: diversity is coolWhirling, spinning, reaching, grasping - Japanese wheelchair dancer Kenta Kambara has his sights set on the Tokyo 2020 Paralympics
Read more »
With sadness but no ceremony, Japan marks disaster anniversaryJapan marked the somber nine-year anniversary of devastating natural disasters a...
Read more »
Japan marks tsunami anniversary, no govt memorial amid virusAmid virus worries, some residents along the Japanese northern coast stand on roadsides overlooking the sea, offering silent prayers for their loved ones lost in a massive earthquake and tsunami nine years ago.
Read more »
Breakingviews - Japan is stuck with curse of safe-haven yenOn Breakingviews - Japan is stuck with curse of safe-haven yen, says petesweeneypro:
Read more »
Japan announces $4 billion coronavirus package, not yet eyeing extra budgetJapan on Tuesday announced a second package of measures worth about $4 billion i...
Read more »