— Japan Jan Average Total Wages Unchanged Y/Y; Dec +0.1%
— Japan Jan Average Base Wages +0.3% Y/Y; Dec -0.3%
— Japan Jan Overtime Pay +1.2% Y/Y, 5th Rise in Row; Dec +1.7%
— Japan Jan Bonuses, Other Special Pay -5.3% Y/Y; Dec +0.4%
TOKYO (MNI) – The total average monthly cash earnings per regular
employee in Japan were unchanged on year at Y273,318 in January after
+0.1% in December and -0.2% in November, preliminary data from the
Ministry of Health, Labor and Welfare released on Tuesday showed.
Base wages posted the first year-on-year rise in 13 months and
overtime pay marked the fifth straight gain, offsetting a slump in
bonuses and other one-off pay.
Total wages have remained weak since the March 11 earthquake
disaster as the economy was also hit by the yen’s rise to record highs
last year and slowing global demand.
But there are signs of a gradual recovery in Japan as manufacturers
are playing catchup following last year’s supply chain breakdown in
flood-hit Thailand. Eased investor risk aversion has led to a rally in
global stock markets.
Average “base wages” — the key indicator for a recovery in
employee earnings — rose 0.3% on year in January after -0.3% in
December. It was the first rise since +0.1% in December 2010.
Overtime pay rose 1.2% on year in January after +1.7% in December,
maintaining an uptrend and leading a gradual improvement in wages.
Bonuses and other special pay fell 5.3% y/y in January, posting the
first drop in two months, following +0.4% in December and -1.8% in
November.
Overtime hours worked in the manufacturing sector rose 1.5% in
January, showing the fifth consecutive monthly y/y rise, after +3.3% in
December.
Compared to the previous month, overtime hours worked at
manufacturers rose 2.3% on a seasonally adjusted basis, showing the
second straight month-on-month gain after +5.7% in December and -1.3% in
November.
Total overtime hours worked for all industries posted a 1.0% rise
in January after +1.8% in December and no change in November, staying on
a gradual recovery track since September last year.
Total hours worked marked the second straight year-on-year rise, up
0.1% in January after +0.2% in December and -0.2% in November.
The number of regular workers rose 0.5% y/y in January, posting
rises for 24 months in a row after +0.6% in December.
Regular employees are workers on permanent payrolls as well as
those with part-time status.
tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4437 **
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