Uniqlo owner increases pay in Japan up to 40%

Uniqlo owner, Fast Retailing Co, announced on Wednesday that it would increase the yearly pay for full-time workers in Japan by up to 40% in an effort to retain and inspire personnel as the nation deals with the fastest-pacing inflation in decades.

The fast fashion giant stated that the wage increases would impact new hires, store managers, and a larger group of employees.

The cost of everything from food to petrol has increased by amounts that were once inconceivable, prompting Prime Minister Fumio Kishida to repeatedly push businesses to raise wages.

Japan’s average wage is the lowest among the G7 countries, and the third-largest economy in the world has been stagnant for decades. The average annual wage in Japan was $39,711 in 2021, which is significantly less than the OECD average of $51,607 and not much different from the early 1990s.

According to Fast Retailing, “Going forward, the new remuneration of each employee will be decided by globally aligned grade criteria” based on performance and outcomes at work as well as an individual’s capacity to contribute to the company.

According to Fast Retailing, starting earnings for university graduates would climb from ￥255,000 to ￥300,000 (US$2,265) per month, while starting salaries for new store managers would increase from ￥290,000 to ￥390,000 per month.

The corporation also stated that it intended to raise annual compensation for other staff by up to 40%.

According to Tung, Fast Retailing’s spokeswoman, considering a prior hourly salary increase for part-time workers, the company’s overall personnel expenditures in Japan would increase by nearly 15% from the prior year. However, the cost would be covered by increased productivity.

The company’s action comes after numerous other similar moves by other Japanese corporations. According to local reports, Nippon Life Insurance will increase sales representative compensation by about 7%, increasing its personnel expenditures by ￥100 million while Suntory will hike pay by around 6 percent.

Local media revealed Brewers Asahi Group Holdings Ltd, Kirin Holdings Co, and Sapporo Holdings Ltd are also thinking about raising basic salaries.

Neo Gamma: The Next-Gen Humanoid AI Robot for Home Assistance

Google Maps to revolutionize navigation with Satellite features, eliminating dead zones

East Asia’s Growth Outpaces Global Average Amidst China’s Economic Challenges, Says World Bank

EU Probes Apple, Google and Meta for Potential Violations of New Digital Law

Massive Changes Coming to Google Chrome Threaten to Reshape the Modern Internet

Reddit makes a splash with spectacular stock debut

In a highly anticipated market debut, Reddit stock took off, closing its first day of trading with a staggering 48% surge from its initial public offering (IPO) price of $34 per share. The social media giant’s stock concluded the day at $50.44, propelling its market capitalization to over $8 billion.

Vietnam’s Vingroup Makes Strategic Move with $1.6 Billion Sale of Vincom Retail Stake

In a significant move in Vietnam’s corporate landscape, Vingroup, the country’s largest conglomerate, has completed the sale of a 41.5% stake and other assets in its retail arm, Vincom Retail, for a staggering $1.6 billion. This transaction ranks among the largest mergers and acquisitions (M&A) deals in Vietnam in recent years, underscoring the dynamism of the country’s economy and corporate sector.

NVIDIA and Johnson & Johnson MedTech’s AI Collaboration Revolutionizing Surgery

The integration of artificial intelligence (AI) into various facets of healthcare has revolutionized patient care, and its impact on surgery is poised to be profound. Leveraging AI’s capabilities to connect, analyze, and predict based on operating room data holds the promise of enhancing surgical efficiency and clinical decision-making. Recognizing this potential, NVIDIA has partnered with Johnson & Johnson MedTech to explore new AI capabilities within the realm of surgery, with the goal of advancing the company’s connected digital ecosystem for surgical procedures.

Alphabet-Apple Collaboration Unveiling Gemini AI for iPhone Innovation

Landmark Verdict: $60 Million Penalty Imposed on Mead Johnson in Enfamil Baby Formula Case

Devin AI: Pioneering the future as the first AI software engineer

In the fast-paced world of software development, innovation is the name of the game. Cognition, a leading tech company, has introduced a groundbreaking solution that promises to transform the industry as we know it: Devin AI, the world’s first AI software engineer. Devin AI is not just another tool in the developer’s toolbox; it’s a game-changer that leverages the power of artificial intelligence and machine learning to automate coding tasks and streamline the development process.

Job Interview Red Flags: Phrases to avoid according to a former Google recruiter

When it comes to acing a job interview, there are certain tactics that can help you stand out and impress prospective employers. From showcasing your passion for the role to demonstrating problem-solving skills, there are plenty of strategies to employ. However, it’s equally important to be mindful of phrases that could raise red flags during the interview process.