— Japan Nov Avg Base Wages Revised -0.3% Y/Y Vs +0.3%; Oct -0.4%
— Japan Nov Avg Overtime Pay Revised +2.2% Y/Y Vs +1.3%
— Japan Nov Avg Special Pay Revised -1.8% Y/Y Vs -22.4%
— Japan Nov Overtime Hours Worked Revised Flat Y/Y Vs -0.9%
TOKYO (MNI) – The total average monthly cash earnings per regular
employee in Japan stood at Y278,256 in November, down 0.2% on year,
revised up sharply from the preliminary reading of -1.0%, data from the
Ministry of Health, Labour and Welfare released on Thursday showed.
It was the first y/y fall in two months after being unchanged in
October and falling 0.4% in September. Cash earnings last posted a
year-on-year rise in May 2011, up 1.0% on year.
In November, upward revisions to both overtime pay and special pay
including bonuses more than offset a downward revision to base wages.
Average “base wages” — the key indicator for a recovery — fell a
revised 0.3% on year in November, down from +0.3% in preliminary data
and marking the 11th straight y/y drop, instead of the first rise in 11
months as reported previously.
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.
Overtime pay rose a revised 2.2% on year (preliminary +1.3%) in
November, posting the third consecutive month of gains.
Bonuses and other special pay fell only 1.8% y/y in November,
revised up from a preliminary -22.4%. They still posted the first fall
in two months after +7.4% in October.
Overtime hours worked showed no change on year in November, revised
up from the preliminary estimate of -0.9% and following +1.0% in both
October and September.
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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