Real wages decreased in Japan during May 2.9%
Tokyo on July 7 / WAM / The real wages in Japan decreased by 2.9% during May, compared to the same period of the previous year, in the fifth monthly retreat, and the largest in nearly two years, in light of the continued growth of wages at a slower rate than the inflation rate.
In a statement today, the Japanese Ministry of Health, Labor and Social Welfare said that this decrease is a remarkable acceleration, compared to a decrease of 2% in April, which is the largest since September 2023, and is mainly due to a sharp decline in rewards.
The “Kyodo” news agency quoted the statement that the nominal wages, which include the average monthly cash income of the worker (the basic wage in addition to additional work), increased by 1%, to reach 300 thousand and 141 yen (2000 USD), continuing to rise for the 41st month, respectively.
The Japanese companies had agreed, during the spring wage negotiations for this year, to raise wages 5.25% on average, recording the second annual increase in a row that exceeds 5%, according to the largest union union in the country, but consumer prices rose 4% in May, driven by the high costs of rice and other foodstuffs, which kept real wages, or modified by inflation, in a negative scope.
The average wages decreased in May due to the decrease in special profits, including rewards and mobility allowances, which decreased 18.7% to 12 thousand and 595 yen.
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