Tokyo-based Meiji Yasuda Life Insurance Co. is reportedly considering raising wages for all its 47,000 employees by an average of 5% in the next fiscal year starting in April. Bloomberg.

The move is part of a government-led campaign to raise wages and stimulate economic recovery.

It's the second consecutive year of pay increases for Meiji Yasuda's 11,000 in-house staff responsible for planning, investment and office work.

The company's 36,000 salespeople will receive a pay increase for the fourth consecutive year.

According to reports, the wage plan will be finalized after discussions with the union, and younger employees who have worked for the company for five years or less will receive an 8% salary increase. NHK World.

In addition, Yasuda Meiji also increased the starting salary for recent college graduates.

Employees who join the company in April can expect starting salaries as high as 332,000 yen (about $2,100).

This is an increase from previous starting salaries for graduates.

The company's decision is reportedly in line with a call last year by the Japan Federation of Trade Unions (RENGO) for wage increases of at least 5% by 2025 Reuters.

Prime Minister Shigeru Ishiba, who takes office from October 2024, has emphasized wage growth as a key element of his economic policy aimed at supporting the country's initial economic recovery.

Last month, Meiji Yasuda also announced that the cooperation agreement with Talanx, originally signed in 2010, was about to expire. The agreement will end on December 31, 2025.

Meiji Yasuda agreed on economic terms for the transfer back to Talanx of the shares in Warta Group and Europa Group it acquired in 2012.

Meiji Yasuda Life Insurance Company was formed by the merger of Meiji Life Insurance Company and Yasuda Mutual Life Insurance Company, two of Japan's oldest life insurance companies.

As of October 1, 2024, the company had 105 regional offices and market development departments, 1,033 agency offices and 19 group marketing departments, according to its website.

"Meiji Yasuda plans 5% salary increase for 47,000 employees" was originally created and published by Life Insurance International, a brand of GlobalData.

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