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Toyota agrees to first pay raises since ’08

The automaker agreed to increase base wages in Japan as it heads for record profits.

By Craig Trudell and Masatsugu Horie | Updated on March 13, 2014

March 12 (Bloomberg) — Toyota Motor Corp. agreed to increase base wages in Japan for the first time since 2008 as the nation’s largest company heads for record profits.

The average Toyota Motor Workers’ Union member will earn 2,700 yen ($26) more in base pay per month, Senior Managing Officer Naoki Miyazaki told reporters today. That’s 0.8 percent of last year’s average salary and below the 4,000 yen the union was asking for.

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