Japanese Workers' Real Wages Decline for 26 Consecutive Months... "Rate of Decrease Is Slowing"
Real wages of Japanese workers have declined for 26 consecutive months compared to the same month of the previous year.
According to the "May Labor Statistics Survey" (preliminary figures) released by the Japanese Ministry of Health, Labour and Welfare on the 8th, the average monthly salary per worker at companies with five or more employees was 297,151 yen (approximately 2.55 million KRW), an increase of 1.9% from the same month last year.
However, real wages adjusted for price changes decreased by 1.4%. The continuous decline in real wages has lasted for a record 26 months. Nevertheless, the Nihon Keizai Shimbun explained that the rate of decline in real wages is narrowing.
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The Ministry of Health, Labour and Welfare stated, "Although wage increase movements are spreading, the strong impact of soaring prices has continued the trend of declining real wages."
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