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4-Traders Homepage  >  Equities  >  Tokyo  >  Toyota Motor Corp    7203   JP3633400001

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Toyota Motor : labor union decides on base pay rise request for wage talks

02/12/2016 | 06:23am US/Eastern

The labor union of Toyota Motor Corp. made a formal decision Friday to request a base pay rise of 3,000 yen ($27) a month, a smaller amount than last year's 6,000 yen, as Japan's annual wage talks shift into full gear.

It marks the third straight year for the union to seek a base pay rise. For a one-time bonus, the union will demand 7.1 months' worth of salary, which compares with 6.8 months' a year earlier.

The annual spring wage talks come after Toyota reported record-high profits for the April to December period. The union plans to submit its written request to Toyota next Wednesday.

Pay talks at the world's top automaker are often seen as a bellwether for other companies as Prime Minister Shinzo Abe is stepping up calls for corporate executives to allocate more of their profits to wages.

But uncertainty is growing about the outlook for wage negotiations due to a rising yen and the ongoing suspension of assembly lines at Toyota's factories in Japan due to a steel supply disruption following an explosion at one of its subsidiary's plants in January.

Last year, Toyota fully accepted the bonus request and agreed to raise the pay scale by 4,000 yen.

Labor unions in the steel and shipbuilding industries submitted their own pay hike requests on Friday, while those in automakers and electronics companies are expected to do so next week.

The annual wage talks will continue into mid-March across industries.

==Kyodo

© Kyodo News International, Inc., source Newswire

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