Major Banks To Hike Wages After 19 Years


News: Japan's major lenders have agreed to increase salaries after 19 years as an economic recovery enables them to achieve record annual profit. Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group will each hike base pay by 0.5% in FY14/15, in line with appeals made by the companies' labour unions. The move follows Prime Minister Shinzo Abe's request to firms to hike wages to sustain the economic recovery. Without wage hikes, the country's households face decreasing spending power as the government targets 2% inflation and will increase the sales tax in week ending March 29 2014.

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Geography: Japan