TOKYO : Japan's top companies are gearing up to offer their biggest wage increases in decades, but there's no way Hideki Kawada can afford raises for the 18 employees at his printing firm.Prime Minister Fumio Kishida has called on Japan Inc to increase pay and reverse decades of flat wages that have squee
TOKYO : Japan's top companies are gearing up to offer their biggest wage increases in decades, but there's no way Hideki Kawada can afford raises for the 18 employees at his printing firm.
Yet the small companies that provide most of Japan's jobs generally can't increase pay, business owners, economists and officials say. Battered by the pandemic, small firms now struggle to pass on higher costs out of fear of losing customers. The cost of paper went up three times last year and his ability to raise prices is limited by competition.
Some members of Tokyo Union, which represents around 600 workers mainly at small companies, will see"a little bit of a raise, if they really demand it," said deputy chairman Tatsuya Sekiguchi. They form the backbone of manufacturing, or"monozukuri", built on tiers of suppliers from tiny subcontractors up. Toyota Motor Corp has some 60,000 suppliers.
Small and medium-sized firms are passing on just 47 per cent of higher costs to buyers, a September survey from the ministry of trade and industry showed. That was"not sufficient" and a sign suppliers were shouldering a lot of the burden, said ministry official Hiroyuki Sameshima.
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