TOKYO (Reuters) - Toyota Motor Corp.'s Japanese trade union may demand an annual bonus equal to 7.6 months of salary in ongoing 2024 annual salary negotiations, Reuters reported, citing Nikkei Daily.This is above the previous high of 7.2 months. If the request is approved, Toyota Motor Company will be the largest annual bonus in history.By comparison, Toyota Motor's union last year demanded an annual bonus equal to 6.7 months' wages. The Toyota Motor Union is expected to make a formal decision by the end of February。Toyota Motor Corp said it expects its consolidated operating profit to hit a record high of 4.5 trillion yen ($30.45 billion) in the fiscal year ending March 2024, and that unions may call for big pay increases, Nikkei reported.
Some big companies have announced higher pay increases this year than they did last year, while Japanese companies last year offered their highest pay increases in 30 years to address labor shortages and ease cost-of-living pressures, Reuters reported.. Japan's spring wage negotiations are understood to end in mid-March and are seen by the Bank of Japan (Bank of Japan) as the key to sustainable wage growth.Last year, after the United Auto Workers in America (UAW) agreed new labor contracts with Detroit's three largest automakers, Toyota Motor also announced that from January 1 this year, the highest paid American hourly workers will receive about 9% raise, other non-union logistics and service workers will also increase wages.On Jan. 23, Toyota Motor shares closed higher at 2, 991 yen, the fifth straight session. The company's shares even touched 3,034 yen at one point that day, a multi-day high. Toyota closed the day with a market capitalization of 48.7 trillion yen ($328.8 billion) in Tokyo, a record for a Japanese company.
Post time: Jan-31-2024