https://www3.nhk.or.jp/news/html/20220511/k10013620151000.html

Sumitomo Mitsui Trust Bank to raise wages by an average of about 4.5% Based on rising domestic prices

It was found that Sumitomo Mitsui Trust Bank is making final adjustments to raise wages this year by an average of about 4.5%, including base increases. This is the first time in seven years to take into account of the rise in domestic prices.

According to people familiar with the matter, Sumitomo Mitsui Trust Bank has entered into final coordination with the labor union to raise the average wage per employee by about 4.5% this year.

Of there, the so-called base increase, which is equivalent to raising the basic salary, is about 1.5%.

Increase in basic salary is said to be based on rising domestic prices for the first time in seven years.

In addition, they will consider introducing a system to transfer bank shares to employees as a new compensation system, and will increase the amount of investment in human resources by more that five times compared to the previous year, such as support for learning digital technology and expansion of training.

As banks are becoming more interested in information disclosure other than finance, they also aim to appeal to investors by significantly raising wages and expanding investment in human resources.

In this spring, the government has asked companies to raise wages by more than 3%, and at major banks, Bank of Tokyo-Mitsubishi UFJ has reached a conclusion by raising the total wages by 3.5%.

The wage increase of 4.5% is higher that this, and Sumitomo Mitsui Trust Bank will proceed with labor management negotiations aiming for a conclusion by the end of this month.

Source: https://www3.nhk.or.jp/news/html/20220511/k10013620151000.html