Japan is set to raise its minimum wage once again in an effort to support households amidst inflation and stimulate economic growth through wage-driven stimulus. The national average hourly minimum wage is expected to increase by a record amount of ¥50 ($0.30), marking the fourth consecutive year of record increases.
A panel has come to an agreement on the target for the minimum wage, with each prefecture having the autonomy to decide on the specific increase for their region later this year. The current national average sits at ¥1,004, so the expected 5% increase will raise it to just above ¥1,050.
This move reflects the government’s commitment to providing financial support to households in a challenging economic environment while also working towards boosting overall economic growth. The increase in minimum wage aims to alleviate financial pressures on low-income workers and promote greater consumer spending in the economy.
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