Japan: the ready-to-wear giant Fast Retailing increases the wages of its 8,400 employees by up to 40%
Japanese retail giant Uniqlo has pulled an ad in South Korea after it was accused of whitewashing history AFP/File
Text by: RFI Follow
1 min
This is very good news for the Japanese employees of Fast Retailing, owner of the Uniqlo brand, Comptoir des Cotonniers and Princesse Tam Tam, among others.
They will benefit from an increase of up to 40% in Japan.
Objective: to face galloping inflation and better align with the levels of remuneration practiced internationally.
Advertising
Read more
This wage increase, up to 40% therefore, will concern 8,400 Japanese employees on permanent contracts.
Since September, 41,000 of Fast Retailing's 48,000 employees have seen their pay hikes by around 20%.
Salaries are indeed low in the archipelago, even for senior executives, which makes the country unattractive for foreign talent.
Moreover, the fall in the value of the yen against the dollar has aggravated this problem.
Fast Retailing, owner of Uniqlo, hopes the pay rises will encourage Japanese staff to spend more.
The group hopes above all to absorb the cost of this measure through productivity gains.
The ready-to-wear giant is also complying with the wishes of the Japanese government, which continues to ask companies to raise wages to mitigate the consequences of inflation.
For the first time in more than 40 years, consumer prices reached 3.7%, due to soaring prices for energy and imported food products.
► To read also: Inflation in Japan reaches levels not seen since 1991
Newsletter
Receive all the international news directly in your mailbox
I subscribe
Follow all the international news by downloading the RFI application
Japan
Employment and Labor
Industry
Finance