Meiji Yasuda plans a 5% wage increase for 47,000 workers
Tokyo-based insurer Meiji Yasuda Life Insurance is reportedly considering an average 5% wage increase for all of its 47,000 employees starting in April. Bloomberg.
The move is part of a government-led campaign to strengthen wages and stimulate economic recovery.
This is the second consecutive year of salary increases for Meiji Yasuda’s 11,000 internal employees who manage planning, investment and office work.
The company’s 36,000 sales employees will see pay raises for the fourth year in a row.
The pay plan will be finalized after negotiations with the union, and younger workers at the company who have been with the company for five years or less are to receive an 8 percent raise, he said. NHK World.
In addition, Meiji Yasuda is raising the starting salary for new university graduates.
Those joining the company starting in April can start with a monthly salary of up to Y332,000 (about $2,100).
This is an increase in the starting salary for previous graduates.
The company’s decision is in line with last year’s call by the Confederation of Japan Trade Unions (RENGO) for a wage increase of at least 5% by 2025, it reported. Reuters.
Prime Minister Shigeru Ishiba, who will be in office from October 2024, has emphasized wage growth as a key part of his economic policy, aiming to support the country’s temporary economic recovery.
Last month, Meiji Yasuda announced the imminent expiration of its partnership agreement with Tlanx, originally signed in 2010. The deal expires on 31 December 2025.
Meiji Yasuda It has agreed on economic terms to transfer its stake in Warta Group and Europa Group, which it bought in 2012, to Talanx.
Meiji Yasuda Life Insurance was formed through the merger of Meiji Life Insurance and Yasuda Mutual Life Insurance, two of Japan’s oldest life insurers.
According to its website, as of October 1, 2024, the company will operate 105 regional offices and market development departments, 1,033 agency offices and 19 group marketing departments.
“Meiji Yasuda plans 5% pay hike for 47,000 workers” originally created and published by Life Insurance InternationalA trademark owned by GlobalData.
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