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25 Feb 2022

Toyota Settles Deal with Labour Union, Agrees to Hike Wages

Toyota Settles Deal with Labour Union, Agrees to Hike Wages

The Index Today

Toyota Motor Corp has agreed to the demands of the labour union to raise wages of employees, confirmed the company’s CEO Akio Toyoda. This comes after the Japanese government urged corporations to increase the salaries of their workers.

Although the size of the pay hike has not been revealed yet, the company announced, “We have made an offer that fully met the union’s demands.”

According to Japanese news media Yomiuri, the labor union had demanded a monthly wage raise to 4,900 from 1,600 yen ($14-$43) and annual bonuses worth 6.9 months of yearly pay.

SMBC Nikko Securities’ Chief Market Economist, Yoshimasa Maruyama hailed the decision as “a positive move by a leading company like Toyota.”

He contended that the automobile giant “may want to offset last year’s decline caused by the COVID-19 crisis and compensate its employees given rising inflation. The question is whether other companies can afford to follow suit.”