A survey on wage increases conducted by the Shikoku Regional Economic Research Institute found that 86% of companies that responded had implemented wage increases in 2024. This is the third highest percentage since the survey began.

In May, the Shikoku Regional Economic Research Institute conducted a survey regarding wage increases of 255 companies in Kochi Prefecture, of which 172 companies responded.

According to the survey results, the percentage of prefecture-based companies that implemented wage increases in 2024 was 86.6%, down 3.9 points from last year, but the third highest since the survey began in 2016. The largest proportion of increases were between 3,000 and 5,000 yen, at 27.7% of the total.

The Shikoku Regional Economic Research Institute analyzed the background to the wage hike as follows: “Prices continue to rise due to high oil prices and a weak yen, and the future economic situation is unclear, but there is a desire to increase employee motivation.” On the other hand, the Institute states that the gap between companies is widening, as an increasing number of companies, particularly small businesses, are unable to pass on the rise in prices to their customers and therefore are unable to raise wages.