Japan Ruling Party Makes Election Pledge of 50% Pay Rise by 2040

Japan’s ruling party said it aims to ensure workers secure a cumulative 50% pay increase by 2040 with the economy expanding to a value of ¥1 quadrillion ($6.9 trillion) as it unveiled its platform ahead of a national election next month.

The Liberal Democratic Party will try to ensure real wages and nominal wages rise annually by 1% and 3%, respectively, so that annual pay will increase by ¥1 million by fiscal 2030, according to its campaign manifest released on Thursday.