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Japan to permit companies to pay salaries into app accounts

As Japan slowly shifts away from money, the federal government is anticipated to permit companies to pay salaries into cashless cost accounts, which have gained widespread use within the age of the smartphone.

A subcommittee of the Labor Policy Council, which advises the labor minister, mentioned the so-called digital wage funds at a gathering Tuesday.

At the assembly, the labor ministry introduced a plan to place a Y1 million cap on the quantity of digital wage funds that may be made at one time and the stability of funds in cashless accounts used for such wage funds.

With no main objections raised, the ministry will work on the small print of the brand new methodology of wage funds. The ministry will make a crucial revision to ordinances by the top of March 2023 after receiving a coverage proposal protecting the problem from the council.

The labor requirements legislation stipulates that salaries have to be paid in money in precept. But corporations are allowed to pay salaries into accounts held at banks and different monetary establishments.
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