Toyota Workers Reap Biggest Wage Increase in 20 Years After Union Demands Accepted

Toyota Motor Corporation has accepted union demands for the largest wage hike in two decades. According to reports, the wage hike comes as part of a new labor agreement between Toyota and its unions.

The agreement includes a 5.5% wage increase for the current fiscal year, which is the highest increase in two decades. In addition, Toyota has agreed to a one-time bonus payment of ¥5,000 ($46) per employee. The bonus will be paid out in two installments, with the first one due in June.

The agreement also includes a number of other benefits for employees, including a reduction in overtime hours, improved job security and increased vacation days.

The agreement is a major victory for Toyota’s unions, which have been pushing for higher wages for some time. The wage hike is expected to benefit thousands of Toyota employees, and could set a precedent for other major companies in Japan.