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May 2019

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Japan: Two major life insurers raise staff pay by about 3%

Source: Asia Insurance Review | Apr 2019

Two major life insurers have reportedly decided to give raises to thousands of their employees. The decisions come as spring wage negotiations, taking place nationwide, enter their final stage at major companies.
 
Sources say executives at Nippon Life Insurance are planning to raise annual wages by about 3%. That includes bonuses and seniority-based hikes. About 18,000 employees could take home the higher pay.
 
If approved, the hike would be the second in a row at Nippon Life, reported NHK.
 
The other large insurer, Meiji Yasuda, is planning a roughly 3% pay hike for 10,000 employees. Sources say new hires joining the company could also be getting more pay than their predecessors. A 
 
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