Winter bonuses at Japanese firms see sharpest increase in 40 yrs – Kyodo News Plus

KYODO NEWS – Dec 22, 2022 – 20:44 | All, Japan
The average winter bonus at large Japanese companies marked the sharpest increase of 8.92 percent from a year earlier to 894,179 yen ($6,800) since the current calculation method was adopted in 1981, the country’s most powerful business lobby said Thursday.
The Japan Business Federation, known as Keidanren, said the average winter bonus was the third highest, reflecting the recovery from the coronavirus pandemic, but it did not reach the level of the pre-pandemic year of 2019.
Of the 18 industries in the survey covering 162 major firms, average bonuses rose in 16 sectors this winter.
The average winter bonus in the nonmanufacturing sector increased 16.86 percent from last year to 832,082 yen, larger than the 7.29 percent rise to 915,724 yen among manufacturers.
Steelmakers saw the sharpest increase, with winter bonuses up 87.23 percent to 1,017,895 yen. The rise was due to cost reductions, such as steel mill closures and blast furnace shutdowns, and increased demand for steel as the economy started recovering.
As people have returned to the streets following the lifting of coronavirus restrictions, the bonuses in the commercial sector, including department stores and other retailers, increased by 27.18 percent, while the railway sector saw a 25.98 percent rise, according to Keidanren.
On the other hand, pulp and paper makers, as well as electric power companies, saw a decline, the business lobby said.
“The rate of increase certainly shows the bonus is recovering toward pre-pandemic levels,” a Keidanren official said.
Following the increase in this year’s average summer bonus, “The momentum for wage increase continues,” the official added.
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KYODO NEWS – 5 hours ago – 02:09 | All, Japan, World
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