Japan’s Quick Retailing to boost wages as a lot as 40%

TOKYO (Reuters) -Uniqlo clothes chain operator Quick Retailing Co Ltd mentioned on Wednesday it can elevate wages by as a lot as 40%, specializing in its dwelling market of Japan the place salaries have remained comparatively low.

The transfer comes forward of spring labour negotiations in Japan, the place wage hikes have lagged behind accelerating inflation and Prime Minister Fumio Kishida has urged firms to elevate pay.

Quick Retailing, which operates over 3,500 clothes shops worldwide, mentioned its remuneration system can be revised from March, and that ranges in Japan can be considerably raised.

General personnel prices in Japan will rise about 15% over the earlier 12 months, bearing in mind an hourly wage hike for part-time staff that 12 months, with the expense absorbed by productiveness enchancment, an organization spokesperson mentioned.

Quick Retailing is because of publish first-quarter earnings on Thursday. It reported file revenue for the 12 months by means of August as progress in North America and Europe compensated for a droop in its largest abroad market China, which has been slowed by pandemic containment measures.

The corporate’s share worth rose 1.3% in Tokyo morning commerce, versus a 0.9% advance within the benchmark Nikkei index.

(Reporting by Rocky Swift; Enhancing by Tom Hogue and Christopher Cushing)

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