Positive Real Wage Transition in June 2024: Impact on the Economy and Future Prospects
The news that real wages in 2024/6 turned positive for the first time in 27 months is attracting attention. According to the Ministry of Health, Labor, and Welfare's announcement, the total amount of cash salary including basic salary and bonuses increased 4.5% compared to the same month last year, and recorded a high growth rate since 1997. We will analyze in detail what this positive shift in real wages means and what impact it will have on the future economy.
✔️ Increase in cash salary and positive change in real wages The total amount of cash salary in 2024/6 increased 4.5% compared to the same month last year and reached 0.49 million8884 yen. This growth rate has been at a high level since 1997, and is an important indicator for the Japanese economy. ・Salary within the prescribed breakdown (basic salary, etc.) was 0.26 million4859 yen, an increase of 2.3%. Special salary (bonuses, etc.) was 0.21 million 4542 yen, an increase of 7.6%. In particular, the drastic increase in bonuses has contributed to high growth in cash salaries. Real wages, taking price fluctuations into account, increased 1.1% compared to the same month last year, and turned positive for the first time in 27 months. The Ministry of Health, Labor, and Welfare attributed this result to the influence of the Spring Battle and an increase in bonus payments.
✔️ Small and Medium Business Perspectives [Educational Views 💡]
There are voices of anxiety from small and medium-sized enterprises about continuing wage increases. There are many companies that try to raise employee wages in order to secure human resources, but material costs and electricity bills have soared due to the depreciation of the yen, making it difficult to continue raising wages. Since it is difficult to pass on labor costs for wage increases to prices, and negotiations with business partners are difficult, companies are considering improving efficiency such as introducing robots during economic recovery. While employees also welcome wage increases, they are concerned about the increase in living costs associated with rising prices.
✔️ Government response
Chief Cabinet Secretary Hayashi hopes that the movement to raise wages will become clear, and that the results of the Spring Battle will be further revealed in the future. Furthermore, it emphasizes price transfer and automation investment support for small and medium-sized enterprises, and aims to improve labor productivity.
✔️ Future prospects and challenges
The question is whether the positive shift in real wages is temporary or sustainable. Continued wage increases as prices continue to rise is a major issue for companies. While appropriate responses from governments and companies are required, it is necessary to support price transfer and promote technology investment so that small and medium-sized enterprises can continue to raise wages.
✔️ Impact on the overall economy
Stable wage increases will lead to an increase in consumption and are expected to contribute to strengthening the domestic economy. The steady expansion of private consumption and productivity improvements, and the continuation of wage increases due to price transfer are the keys to the sustainable growth of the Japanese economy.
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