Japan’s National Personnel Authority recommended Thursday that the government raise basic salaries for public servants by an average of 0.27 percent and their bonuses by 0.15 month, both for the first hike in seven years.
The fiscal 2014 pay hike, in line with increasing private-sector wages amid Japan’s economic recovery, will push average annual pay for public servants up 1.2 percent from the present level to 6,618,000 yen.
The raise is likely to be implemented as recommended as the government in July confirmed a policy of respecting the authority’s recommendations.
Under the recommendation, monthly salaries will be raised mainly for younger people, including a 2,000 yen hike for starting salary, while those for people aged 55 or older, which are said to be higher than private-sector levels, will be kept unchanged.
Annual bonuses will be increased from 3.95 months at present to 4.1 months.
But monthly salaries for personnel at government agencies’ local bureaus will be reduced from fiscal 2015 in view of their relatively high levels compared with the private sector.
via Mainichi
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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