Toyota agrees to union's pay hike demands

Toyota Motor Corp has agreed to the pay hikes requested this year by the automaker's labour union - an unusually speedy wrapping up of annual wage negotiations that comes amid calls by the government for firms to lift wages.

Representational image of Toyota Hilux pickup truck
Representational image of Toyota Hilux pickup truck

"We have made an offer that fully met the union's demands," Toyota CEO Akio Toyoda told reporters late Thursday after a meeting with Prime Minister Fumio Kishida.

Kishida is counting on profitable Japanese firms to raise wages to help push his 'new capitalism' agenda of wealth distribution and help the world's No. 3 economy recover from the pandemic.

Also Read : Toyota pushes EV part production at two US factories

Toyota and its union have not disclosed the amount agreed upon. The Yomiuri newspaper has reported that the union asked for bonuses equivalent to 6.9 months of annual pay and hikes to monthly wages ranging from 1,600 yen to 4,900 yen ($14-$43)depending on the job.

Also check these Vehicles

Find more Cars
Toyota Glanza (HT Auto photo)
₹7.18 - 9.45 Lakhs***Ex-showroom price
Add to compare
Check latest offers
Toyota Belta (HT Auto photo)
UPCOMING
₹10 Lakhs *Expected Price
View Details
Toyota Urban Cruiser (HT Auto photo)
₹8.5 - 11.4 Lakhs***Ex-showroom price
Add to compare
Check latest offers
Toyota Camry (HT Auto photo)
₹39.41 - 41.2 Lakhs***Ex-showroom price
Add to compare
Check latest offers
Toyota Vellfire (HT Auto photo)
₹87 - 89.9 Lakhs***Ex-showroom price
Add to compare
Check latest offers
Toyota Innova Hycross (HT Auto photo)
₹18.3 - 28.97 Lakhs***Ex-showroom price
Add to compare
Check latest offers

Japan's spring labour talks known as 'shunto' are currently in full-swing at major firms and normally come to a conclusion around the middle of March.

First Published Date: 26 Feb 2022, 15:30 PM IST
Recommended for you
View all
NEXT ARTICLE BEGINS
Shopping Bag Shop Now
55% OFF
SOFTSPUN Microfiber Cloth - 4 pcs - 40x40 cms - 340 GSM Grey- Thick Lint & Streak-Free Multipurpose Cloths - Automotive Microfibre Towels for Car Bike Cleaning Polishing Washing & Detailing…
Rs. 269 Rs. 604
21% OFF
Involve Your Senses One Musk Organic Car Perfume, Involve Your Senses Strong Fiber Air Freshener to Freshen'up Your Car - IONE01-40 g,Car Accessories interior car perfumes and fresheners
Rs. 315 Rs. 399
73% OFF
pTron Bullet Pro 36W PD Quick Charger, 3 Port Fast Car Charger Adapter - Compatible with All Smartphones & Tablets (Black)
Rs. 349 Rs. 1,299
13% OFF
Jopasu Car Duster
Rs. 755 Rs. 869

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city