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.”
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