Japan aims to raise the average minimum wage to $10.29 per hour.

This move demonstrates the government's determination to focus on achieving a consumption-driven economic recovery.

Prime Minister Kishida stated that the government aims to increase the average minimum wage from this year's level of 1,004 yen per hour to 1,500 yen (approximately $10.29) per hour by the mid-2030s to 2040s.

Amid rising living costs straining household budgets and a sharp decline in approval ratings for President Kishida's cabinet, the administration has intensified efforts to encourage the company to raise wages.

The prospect of wage increases is also key in determining when the Bank of Japan (BOJ) will consider gradually abandoning its ultra-loose monetary policy.

BOJ Governor Kazuo Ueda stressed the bank's determination to maintain ultra-low interest rates until inflation rises, accompanied by strong and sustainable wage growth.

In Japan, the minimum wage is set by the government , while in the annual spring wage negotiations, company management and labor unions negotiate directly on wage levels.

Minh Hoa (compiled from Vietnam+, Nhan Dan)

Source: https://www.nguoiduatin.vn/nhat-ban-dat-muc-tieu-nang-luong-toi-thieu-binh-quan-len-1029-usdgio-a624362.html