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Big Companies" Wage Cuts Larger Than Small Ones

Sept 08,1998
Big companies have cut wages more than small ones. The Ministry of Labor revealed on September 6 that the number of companies, which decided to freeze or reduce wages reached 3,266. This is 85.5% of all companies which have finalized wage agreements with unions.
Thus, wages actually decreased minus 2.4%. The rate of companies with more than 5,000 workers recorded minus 3.7%, followed by minus 2.7% (500 to 1,000 workers), minus 2.5% (1,000 to 5,000 workers), minus 1.9% (300 to 500 workers), and minus 1.1% (100 to 300 workers). The rate in the mining industry was minus 8.4%, followed by financial sector(-5.1%), construction(- 3.6%), manufacturing business(-2.9% ), public sector and private service business(-2.7%), transportation, warehouse, and communications industry(+ 0.5%).


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