TOKYO, Feb. 5 (Xinhua) — Japan’s actual wages declined for the third consecutive yr in 2024 regardless of the very best nominal wage progress in 33 years as persistent inflation continued to chew, official knowledge confirmed Wednesday.
Japan’s common money earnings per employee noticed a major 2.9-percent enhance to 348,182 yen (about 2,267 U.S. {dollars}) in 2024, however as a result of a 3.2-percent rise in inflation, actual wages dropped by 0.2 % in comparison with the earlier yr, in accordance with knowledge from the Ministry of Health, Labour and Welfare.
The ministry commented that whereas wage progress stays sturdy as a result of spring wage negotiations, persistent inflation has led to continued detrimental actual wage developments over the previous three years, pledging to carefully monitor future wage and worth developments.
The pattern is exhibiting indicators of easing. In December 2024, Japan’s actual wages elevated by 0.6 % from a yr earlier, marking the second consecutive month of optimistic progress pushed by a rise in winter bonus funds, the info confirmed.