From March 2023, Uniqlo employees will receive a minimum of $2,300.
Fast Retailing, which runs the business of Japan’s largest fashion retailer Uniqlo, announced its decision to raise employee salaries by 40%. From March 2023, Uniqlo employees will receive a minimum of ¥300,000, equivalent to $2,300, up from ¥255,000 in 2022. Thus, the increase will be 18%. Meanwhile, salaries for store managers will rise by 36% to ¥390,000.
In Japan, the problem of low wages is not the first year. The decision of the retail giant may affect the situation, although other corporations are unlikely to be able to increase salaries in the same way.
The average annual salary in Japan in 2021 was estimated at $39,000 against $51,600 in the Organization for Economic Cooperation and Development, which unites 37 countries.
Fast Retailing’s decision to dramatically increase salaries across all divisions was the first case in 20 years. The corporation now operates more than 3,500 stores, making it one of the largest in the country.
Retailer is set to expand its presence in the United States by opening stores in Texas and California.
The retailer expects these raises will bring the average hourly wage to more than $17.50.
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