For the first time since 2008, Toyota, Japan’s largest automaker, has agreed to increase in base pay for its 50,000 Japanese factory workers. The typical Toyota Motor Workers’ Union member will earn $26 more in base pay per month, Senior Managing Officer Naoki Miyazaki told reporters at a press conference in Tokyo.
The 0.8% pay increase is less than $40 per month raise sought by the union, which had been encouraged by Japanese Prime Minister Shinzo Abe to call for a pay increase. The raise is the largest since 1993, according to Reuters.
However, when the boost in longevity pay and compensation workers receive for learning new skills is calculated, the typical Toyota worker will get a 2.9% pay increase or the equivalent of about $73 per month, Toyota officials noted. (more…)