Boosting Economic Recovery: Meiji Yasuda Life Insurance Considers 5% Wage Hike
In a move aimed at stimulating Japan’s economic recovery, Tokyo-based Meiji Yasuda Life Insurance is reportedly considering a significant wage increase for its 47,000 employees. The proposed 5% average wage hike, set to take effect in the upcoming fiscal year starting in April, aligns with the government’s campaign to bolster wages and drive economic growth.
A Second Consecutive Year of Wage Increases for Internal Staff
For the 11,000 internal staff members handling planning, investment, and office work, this marks the second consecutive year of wage increases. Meanwhile, the company’s 36,000 sales staff will see their pay rise for the fourth year in a row.
Younger Employees to Receive Higher Pay Hike
After discussions with the labor union, the wage plan will be finalized, with younger employees at the company for five years or less set to receive an 8% pay hike. This move is expected to have a positive impact on the company’s workforce and contribute to the country’s economic recovery.
Boosting Starting Salaries for New University Graduates
In addition to the wage hike, Meiji Yasuda is also increasing the starting salary for new university graduates. Those joining the company from April can expect to start at a monthly salary of up to ¥332,000 (approximately $2,100), a significant increase from previous starting salaries for graduates.
Aligning with Government Policy and Industry Calls
The company’s decision aligns with Prime Minister Shigeru Ishiba’s emphasis on wage growth as a key element of his economic policy, as well as the Japanese Trade Union Confederation’s (RENGO) call for wage hikes of at least 5% by 2025.
Meiji Yasuda Life Insurance: A Leading Insurer in Japan
Established through the merger of Meiji Life Insurance and Yasuda Mutual Life Insurance, two of Japan’s oldest life insurers, Meiji Yasuda Life Insurance operates with 105 regional offices and market development departments, 1,033 agency offices, and 19 group marketing departments. The company’s commitment to its employees and the economy is expected to have a positive impact on the industry and the country as a whole.
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