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Toyota agrees to union's pay hike demands
Toyota Motor Corp has accepted labour union pay demands, Toyota CEO Akio Toyoda told reporters late Thursday, wrapping up annual wage negotiations with unusual speed amid calls by the government for firms to lift wages.
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"We have made an offer that fully met the union's demands," Toyoda said after a meeting with Prime Minister Fumio Kishida.
Neither Toyota or its union have disclosed the size of the pay rise that has been agreed.
Kishida is counting on profitable Japanese firms to raise wages to help push his 'new capitalism' agenda of wealth distribution and help the world's third largest economy recover from the pandemic.
The Yomiuri newspaper has reported that the union asked for bonuses equivalent to 6.9 months of annual pay and hikes to monthly wages ranging from 1,600 yen to 4,900 yen ($14-$43)depending on the job.
Japan's spring labour talks known as 'shunto' are currently in full-swing at major firms and normally conclude around mid-March.
"It was a positive move by a leading company like Toyota," Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities.
"Toyota 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."
Toyota has long served as bellwether of the spring labour talks, with other major firms taking a lead from its pay settlements.
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