Japan aims to raise average minimum wage to $10.29/hour

The move demonstrates the government's determination to focus on the goal of achieving a consumption-led economic recovery.

Prime Minister Kishida said the government will aim to raise the average minimum wage from this year's 1,004 yen an hour to 1,500 yen (about $10.29) an hour by the mid-2030s to 2040s.

As rising living costs strain household budgets and support for Mr. Kishida's cabinet plummets, the government has stepped up efforts to push companies to raise wages.

The wage outlook is also key to determining when the Bank of Japan (BOJ) will consider gradually abandoning its ultra-loose monetary policy.

BOJ Governor Kazuo Ueda stressed the bank's determination to maintain ultra-low interest rates until inflation picks up accompanied by strong and sustainable wage growth.

In Japan, the minimum wage is set by the government , while in the annual spring wage negotiations, corporate management and unions negotiate directly over wages.

Minh Hoa (reported by Vietnam+, Nhan Dan)

Source: https://www.nguoiduatin.vn/nhat-ban-dat-muc-tieu-nang-luong-toi-thieu-binh-quan-len-1029-usdgio-a624362.html