— Japan Aug Average Base Wages Revised -0.2% Y/Y Vs -0.1%
— Japan Aug Average Base Wages Post 8th Y/Y Drop In Row
— Japan Aug Overtime Hours Worked Unrevised -2.1% Y/Y
TOKYO (MNI) – The total nominal average monthly cash earnings per
regular employee in Japan fell 0.4% on year to Y274,041 in August,
revised up slightly from a preliminary 0.6% drop, data from the Ministry
of Health, Labour and Welfare released on Wednesday showed.
It was the third straight year-on-year drop in wages following
-0.2% in July and -0.7% in June.
Upward revisions to overtime pay and special pay including bonuses
more than offset a downward revision to base wages.
Bonus and other special pay fell only 0.1% y/y in August, revised
up sharply from a preliminary -6.0%, but it still posted the first fall
in two months after +0.1% in July.
Overtime pay posted the first y/y drop in two months in August,
down 1.6%, revised up from the preliminary reading of -2.2%.
Overtime hours worked fell an unrevised 2.1% on year in August,
posting the second straight y/y drop after -1.0% in July and being
unchanged in June.
This year many firms reduced overtime hours to save energy amid
fears of power supply shortages at the peak of the summer.
Average “base wages” — the key indicator for a recovery — fell
0.2% on year in August, revised down from a preliminary 0.1% fall,
marking the eighth consecutive y/y decline following -0.4% in July.
Base wages, which are scheduled cash earnings at surveyed companies
that employ five or more people, have been on a downtrend, after showing
a rare increase of 0.1% in December 2010.
Meanwhile, the number of regular workers rose 0.7% in August,
revised up from a preliminary +0.6%, marking the 19th straight y/y rise
since February 2010.
Cash earnings include overtime and bonuses. 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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