Meiji Yasuda rolls out 5% wage hike amidst inflation

This marks the 2nd consecutive year of wage hikes for its 11,000 internal staff.

Meiji Yasuda Life Insurance Co. will implement a 5% wage increase for its 47,000 employees in the fiscal year starting in April, aligning with Japan’s government-led efforts to address inflation by boosting pay, reported Bloomberg.

This marks the second consecutive year of wage hikes for the insurer’s 11,000 internal staff involved in planning, investment, and office roles. 

For its 36,000 sales staff, it will be the fourth straight year of salary increases, according to a company spokesperson.

The decision comes as the Bank of Japan monitors wage growth closely ahead of its interest rate policy meeting on Friday, amid rising inflation and borrowing costs. 

Other insurers, including Nippon Life Insurance Co. and Sumitomo Life Insurance Co., have also announced similar wage adjustments.