TOKYO -- Japan plans to raise its minimum wage benchmark by about 3% for a third straight year in fiscal 2018 amid a severe labor shortage, sending companies scrambling to improve productivity to absorb the increased costs.
A labor ministry panel will recommend Thursday that the national average minimum hourly wage should be lifted by a record 26 yen to 874 yen ($7.88). Individual prefectures will adjust their own minimum wages based on this benchmark, with the changes to take effect in October.
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