© Reuters. FILE PHOTO: Members of the workers’ union of Toyota Motor Corp. raise their fists as they shout slogans during a rally for the annual “shunto” wage negotiations at the company headquarters in Toyota, central Japan, in this photo taken by Kyodo March 7, 20
TOKYO (Reuters) -Toyota Motor Corp, the world’s biggest automaker, will accept a union demand in full for a rise in wages and bonus payments for a third consecutive year, the Asahi newspaper reported on Wednesday.
Toyota will disclose its decision at the first round of wage negotiations scheduled on Wednesday, the paper said.
As one of the country’s biggest employers, Toyota has long served as a bellwether of the spring labour talks.
The talks are in full swing at major companies. Many are expected to conclude swiftly as the government seeks inflation-beating wage hikes to ease burdens on consumers.
Prime Minister Fumio Kishida has stepped up calls on business leaders to accelerate wage increases, warning of a return to stagflation if pay rises fall short of the rapid increase in prices.
Toyota’s labour union has said that this time it is seeking a base salary increase that would be “the highest level in the past 20 years”. The Asahi said it was also seeking one-off bonus payments worth 6.7 months of wages.
The union is set to hold a media briefing later on Wednesday.