Tokyo: The share of small and midsize companies in Japan that plan to raise salaries in fiscal 2024 rose to 61.3 percent from 58.2 percent in the previous year, a survey released by the Japan Chamber of Commerce and Industry on Wednesday showed.

The number of small and midsize companies that raise wages has been increasingly steadily, a JCCI official said.

Among companies that plan salary rises, 60.3 percent said they are doing this despite no improvements in financial results, suggesting that a majority of small and midsize businesses are forced to raise pay to retain workers.

The survey showed that 50.3 percent of companies with six to 10 employees plan to raise salaries. The share was 32.7 percent for those with five or fewer staff.

By industry, 66.7 percent of nursing operators plan to raise salaries, the highest figure, followed by manufacturers, with 64.2 percent. The figure for hotels and restaurants was 54.1 percent, with retailers at 48.7 percent.

The survey was conducted in January, targeting 6,013 small and midsize companies across the country, with responses received from 2,988 companies.

JIJI Press