Japan's Largest Union to Seek Minimum 5% Pay Rise in 2024 Amid Inflation

Prime Minister Fumio Kishida pressures firms to increase wages as real incomes continue to fall.

Japan's largest union, Rengo, will ask for a minimum 5% pay rise in 2024 to help workers cope with rising living costs due to inflation.
Japanese firms are under pressure from Prime Minister Fumio Kishida to increase wages to outpace the current inflation rate of 2.9%.
Price-adjusted real wages in Japan have fallen for 18 consecutive months, squeezing real incomes.
Other unions, including JCM and UA Zensen, are also considering asking for pay increases of at least 3% and 6% respectively.
Six out of 10 economists in a Reuters poll expect major firms to increase pay in 2024.