Economic
Friday, 08/03/2024, 07:30 (UTC)

Japan’s real wage continues to decline for 22 consecutive months

Amid the continuous price hikes, real wages in Japan have continued to witness a decrease. The 0.6% fall marks the 22nd straight month of decline for the country.


The Ministry of Health, Labor, and Welfare recently released on Thursday the results of its monthly survey for January, which covers more than 30,000 businesses with at least 5 employees. According to the data, workers’ total monthly earnings per capita, including a base salary and overtime pay, rose 2% to 282,720 yen (roughly 1,9000 USD), up for 25 consecutive months. 


On the other hand, real wages, which reflect changes in prices, were down by 0,6% in comparison with the last month of the previous year.


Though the rate of decline has been shrinking in comparison to that of recent months, this growth has yet been able to keep up with price hikes, which explains the continuous decrease.


The Ministry said that the margin of decline in real wages has been shrinking along with the easing of inflation. It will also continue to monitor the impacts the spring wage negotiation can have on wage trends and price situations.


Source: NHK

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