Summer Bonuses at Major Japanese Firms Hit New Record

Tokyo, July 3 (Jiji Press)–Summer bonuses at major Japanese companies this year rose 4.37 pct from last year to hit a new record high amid the rising cost of living, a report by the Japan Business Federation, or Keidanren, showed Thursday.

The weighted average summer bonus among the surveyed companies stood at 990,848 yen, the highest since comparable data began in 1981, according to Keidanren’s first tally of this year’s summer bonuses.

The average was up for the fourth straight year on a first-tally basis. Keidanren said that the result reconfirmed the strong momentum for wage increases.

The initial tally covered a total of 107 companies from 18 industries, including 93 manufacturers and 14 nonmanufacturers.

Manufacturers posted an average of 1,035,889 yen, up 4.49 pct, while nonmanufacturers logged 857,602 yen, up 3.76 pct.

[Copyright The Jiji Press, Ltd.]