— Japan May Avg Wages Revised -1.1% Y/Y Vs -0.8%
— Japan May Avg Base Wages Revised 0.0% Y/Y Vs +0.4%
— Japan May Overtime Pay Revised +6.9% Y/Y Vs +6.4%
— Japan May Special Pay Revised -35.5% Y/Y Vs -39.9%

TOKYO (MNI) – Total average monthly cash earnings per regular
employee in Japan fell 1.1% to Y267,741 in May, revised down from the
preliminary reading of -0.8% and posting the first y/y drop in four
months, data released by the Ministry of Health, Labor and Welfare
showed on Wednesday.

Downward revisions to base wages more than upset upward revisions
to both overtime pay and bonuses and other special pay.

Average “base wages” — the key indicator for a recovery in
employee earnings — showed no change on-year in May, revised down from
a preliminary 0.4% rise, after -0.2% in April and +0.4% in March.

Overtime pay rose 6.9% y/y in May, revised up from a preliminary
+6.4%. It was the eighth straight y/y rise.

Bonuses and other special pay was revised up to -35.5% y/y from a
preliminary -39.9%, posting the first drop in three months after +2.1%
in April and +6.5% in March.

Overtime hours worked in the manufacturing sector rose an unrevised
12.8% y/y in May, posting the 12th consecutive monthly gain after +16.8%
in April.

Compared to the previous month, overtime hours worked at
manufacturers fell 3.1% on a seasonally-adjusted basis, showing no
change from a preliminary reading, showing the third consecutive
month-on-month fall after -0.3% in April.

Total overtime hours worked for all industries rose 5.6% y/y,
revised up from +4.5% in May, showing gains for nine months in a row
after +5.3% in April.

Total hours worked increased 3.2% y/y in May, revised down slightly
from +3.3%, posting the forth straight monthly gain after +0.4% in
April.

The number of regular workers rose 0.9% y/y in May, revised up
slightly from +0.8%, after +0.7% in April, maintaining year-over-year
growth for about six years since March 2006.

Regular employees are workers on permanent payrolls as well as
those with part-time status.

tokyo@marketnews.com
** MNI Tokyo Newsroom: 81-3-5403-4437 **

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