In recent times, life worldwide has become a lot more expensive due to increased inflation. Therefore, many employees hope to get a higher salary from their employer.
The financial concerns among the Japanese fashion company Uniqlo staff are generously met: with a wage increase of up to 40 percent.
The parent company, Fast Retailing Group, has announced that it wants to reduce the wage gap between employees in Japan and those abroad with this salary increase. With this, the company hopes to better cope with global competition in the clothing industry. The salary increase also leads to joy in the Japanese government. A government spokesman says he hopes that other companies in Japan will follow suit.
The monthly salaries of highly educated people working at Uniqlo will be increased from 255,000 yen to 300,000 yen, which is about 2,100 euros. Store managers are 100,000 yen ahead of 390,000 yen, the equivalent of more than 2,700 euros. Uniqlo’s intentions show that other employees will benefit up to 40 percent.
Due to the rapid ageing of the population in Japan, as a result of few births, there is an acute shortage of personnel in many sectors in Japan. According to experts, wage increases can ensure more people enter the Japanese labour market. But they do add a caveat. For example, wage increases can cause struggling companies to fall behind and be forced to reorganize.