Toyota accepts union demands for major wage increase, Reuters says

Toyota (TM) said it intends to accept a union demand for a major salary increase and a boost in bonus payments, Reuters’ Maki Shiraki and Eimi Yamamitsu report. Incoming Toyota president Koji Sato said the move to accept the union’s demands for the biggest base salary raise in 20 years was meant not just for the car maker, but "also for the industry as a whole, and in the hope that it will lead to frank discussions between labour and management at each company," the authors say. Just hours after Toyota’s announcement, rival Honda (HMC) said it agreed to union demands for a 5% pay hike, the authors note. Reference Link